The decline in Turkey’s five-year credit default swap (CDS) is a positive indicator of the country’s improving loan repayment status and risk premium. Last week, the CDS premium dropped below 350 basis points, its lowest level since March 19, 2021. This improvement is occurring amidst the Central Bank of the Republic of Turkey (CBRT) announcing its interest rate decision.
The CBRT is expected to reveal 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 an effort to stabilize the economy.
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