It’s Tight, But Is It Tight Enough?

TURKEY - Report 14 Sep 2017 by Murat Ucer

As expected, the CBRT’s Monetary Policy Committee (MPC) kept all short-term rates unchanged today (one-week repo rate at 8.0%, O/N lending and borrowing rates at 9.25% and 7.25%, respectively; and LLW rate at 12.25%; see chart). Recall that the Bank has been keeping average and marginal funding rates also elevated (at around 12% and 12.25%, respectively), which we do not expect to change in the near-term.

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