CBRT: Toward single-digit, asap...

TURKEY - Report 12 Dec 2019 by Murat Ucer

The Monetary Policy Committee reduced its policy rate (one-week repo rate) by 200 bps today, versus a consensus forecast of 150 bps, bringing the cumulative cuts since July to 1200 bps. We are not too surprised because, as we’ve written several times before, the goal here is to get to single-digit rates as soon as possible in line with President Erdogan’s directives. True, there was a good chance the Bank could go a bit slower today, given that, among other things, credit growth has been picking up already and there has been some lira weakness recently, but today’s move simply confirms that putting President’s theory to test as soon as possible is the CBRT’s single most important goal at this point.

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