Last week, Turkey’s credit default swap (CDS) premium fell below 350 basis points, reaching its lowest level since March 19, 2021. This indicates an improvement in the country’s loan repayment status and risk premium. The decline in CDS continues amid the Central Bank of the Republic of Turkey (CBRT) interest rate decision.
The CBRT is expected to announce its November interest rate decision on Thursday, with markets anticipating a slower interest rate hike of 250 basis points. Over the past five meetings, the Central Bank has increased the interest rate by a total of 2650 basis points in efforts to stabilize the economy.
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