Encouraging move, but may not suffice

TURKEY - Report 19 Nov 2020 by Murat Ucer

Broadly in line with the consensus forecast, including ours, the MPC/CBRT delivered a 475 bps hike of the policy rate (one-week repo) today, raising it to 15% (simple). Parenthetically, the O/N and LLW lending rates now stand at 16.5%, and 19.5%, respectively, by construction (see chart).

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