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Business & Finance

Citi cuts Turkish firms to 'marketweight' on policy uncertainties

  • President Tayyip Erdogan this month appointed Sahap Kavcioglu as central bank governor after sacking Naci Agbal, who had won market praise for aggressively hiking interest rates to try to curb Turkey's double-digit inflation.
  • Citi, which last week said it could look to buy Turkish bank bonds, said it also saw near-term value in industrial companies.
29 Mar 2021

LONDON: Citi said on Monday it had cut its view on Turkish corporate bonds to "marketweight" from "overweight" due to renewed uncertainties about the country's macroeconomic policy direction.

President Tayyip Erdogan this month appointed Sahap Kavcioglu as central bank governor after sacking Naci Agbal, who had won market praise for aggressively hiking interest rates to try to curb Turkey's double-digit inflation.

In an interview with Bloomberg, Kavcioglu played down "prejudiced" expectations of an interest rate cut in April or the following months.

Citi, which last week said it could look to buy Turkish bank bonds, said it also saw near-term value in industrial companies.

The bank said it remained "overweight" on Ukraine and Mexican corporate bonds.