Thematic Reports/ Strategy Notes

As we enter 2026, we are optimistic that central banks will continue to cut interest rates and that growth forecasts will be revised upwards. Although global investment themes are based on the depreciation of the dollar, concerns about the US's tendency to raise tariff barriers have eased. In Europe, meanwhile, support for regional economies through increased defence spending is growing. In Asia, however, we...
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At the beginning of 2025, in Türkiye, we anticipated an easing of domestic interest rates, an acceleration of growth and an improvement in financials. At present, CBRT policy rate is approximately 1,000 basis points higher than expected. Risks of a loss of growth momentum have increased, and the financial sector has experienced significant pressure in the first half of the year. On the external front, just a few...
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According to BRSA November data, the improvement in net interest margins in the banking sector in September and October continued in November. Despite the continued loan demand and the improvement in the loan/deposit ratio, we observe that the loan-deposit interest rate spread fell to the lowest levels of the year due to the decline in loan...
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2025 Outlook - Another Year of Riddles We begin 2025 under the shadow of numerous uncertainties. The policies to be implemented during the Trump 2.0 era in the US and their global impacts are expected to leave a significant mark on the year. In Turkey, key macroeconomic developments such as the monetary policies of the Central Bank of Turkey, growth performance, management of external financing needs, and...
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