More “Temporary” Tightening, As Expected

TURKEY - Report 16 Mar 2017 by Murat Ucer

The Monetary Policy Committee raised the Late Liquidity Window (LLW) rate by 75 bps today, to 11.75%, while keeping all other short term rates intact (see chart). The move, which is a compromise of sorts -- because it raises rates temporarily through liquidity operations without altering the framework and the levels of key “policy” rates -- is broadly in line with the consensus as well as our expectation.

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