Scope Ratings also scaled down its interest rate cut forecasts, saying stubbornly high inflation was likely to limit the move down to 17%, rather than 16%, by the end of the year. "Rate cuts are clearly off the table in Turkey until the autumn, if not winter at earliest," said Scope's director of sovereign and public sector ratings Dennis Shen. Turkish annual inflation reached 18.95% in July, official data showed on Tuesday, above a poll forecast of 18.5% and just below the central bank's current 19% main interest rate level.