Turkey’s five-year credit default swap (CDS) has been steadily declining, indicating a positive improvement in the country’s credit default status and risk premium. Last week, the CDS premium dropped below 350 basis points, reaching its lowest level since March 19, 2021. This reduction occurred following the Central Bank of the Republic of Turkey’s (CBRT) interest rate decision.
The CBRT is set to announce a November interest rate decision on Thursday, with markets anticipating a slower rate hike of 250 basis points. Over the past five meetings, the Central Bank has increased interest rates by a total of 2,650 basis points in an effort to stabilize the economy.
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