The decline in Turkey’s five-year credit default swap (CDS) has reached its lowest level since March 19, 2021, indicating an improvement in the country’s loan repayment status and risk premium. Last week, the CDS premium fell below 350 basis points, which is a positive sign for the Turkish economy.
This decrease in the CDS premium coincides with the Central Bank of the Republic of Turkey (CBRT) interest rate decision. The CBRT is expected to announce 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 efforts to stabilize the economy.
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