MPC: All Hopes On Food Prices

TURKEY - Report 23 Jun 2015 by Murat Ucer
The Monetary Policy Committee left all key short-term rates unchanged as expected – one-week repo rate at 7.5% and the O/N lending and borrowing rates at 10.75% and 7.25%, respectively (see chart). The content of the statement on growth and the current account dynamics (the first econ paragraph of the statement) was exactly the same with the previous one. But the paragraph on inflation seems to have been modified in a more dovish -- or evasive – direction in the sense that the Bank now seems to be counting on a “partial” food price reversal to drive an improvement in headline inflation, but...

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