11 March 2005 -

Report Summary

We hope that the CBRT realizes that inflation is dead and revises its year-end inflation forecast downwards rather than undershooting it for the third year in a row. Consequently, we expect either a sharp rate cut of at least 2 pp to 14.5% and / or a Tobin-like tax on hot money and / or some kind of price signal to the market that the YTL is much too over-valued.

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