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Turkish President Recep Tayyip Erdogan can now rest assured. His newly appointed central bank president has followed his instructions by slashing interest rates by 4.25 percentage points.
And, as the chart below shows, this rate cut may just be the beginning. Currently, the money market believes that the central bank will cut interest rates by another 2 percentage points before the end of the year, even so, the interest rate after the cut will still be higher than that of more than a year ago.
Tmsnrt.rs/2yauczY
So unless market trends suddenly change dramatically, the central bank is expected to continue to cut interest rates at its next meeting on September 12. Coincidentally, the ECB will hold its next meeting on the same day. Now it seems that the ECB intends to further lower interest rates in negative areas by then.
Can the ECB's move once again shield Turkey's massive interest rate cuts? It certainly won't stand in the way.
"It's very radical," said Edwin Gutierrez, head of emerging market sovereign debt at ABN Standard Investment Management, when he cut interest rates on Thursday. "Thanks to a very favourable global context, they got away with it."


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