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“Following the decisive interest rate hike of 625bps to 24% on September 13, Turkey made another important step to restore confidence amongst investors,” Rabobank analysts argue.

Key quotes

“A new economy program revealed by Treasury and Finance Minister Albayrak on September 20 envisages economic rebalancing accompanied by fiscal discipline and industrial transformation to boost manufacturing and exports in order to reduce C/A deficit in a sustainable way.”

“While new macroeconomic assumptions are far more realistic compared to the previous program, actions speak louder than a thousand words or the 16 slides included in Mr Albayrak’s impressive presentation.”

“Given that market confidence has been shattered and remains low, it is essential that the administration makes quick progress in implementing various policies which are supposed to achieve targets set by Mr Albayrak.”