An uneventful MPC, as expected

TURKEY - Report 17 Sep 2013 by Murat Ucer
As expected, the MPC kept all rates unchanged today (see graph), while its assessment of the economy (e.g., mild recovery in domestic demand, a contained CAD thanks to current policy framework) was also broadly unchanged. The Bank chose not to alter the F/X ratios (that would help to transfer some of its gross reserves back to banks), probably because the lira has already strengthened a bit in recent days (thanks to external developments like L. Summers dropping out of the Fed race, Syria attack having been postponed) and the Bank wanted to keep that ammunition for later. The Bank also said...

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