Expectation of Interest Rate Hike in Turkey

JP Morgan Bank predicted today, Monday, that the Turkish central bank would raise interest rates to 25% from the current 8.5% in its meeting on June 22. This may come with expectations of smaller increases in the future if needed. The American bank confirmed its forecasts of the country entering a recession in the second half of the year due to tightening credit conditions. It stated, "We expect a recession in the second half of 2023 against the backdrop of tightened credit conditions."