MPC: Between the President and the Lira

TURKEY - Report 20 Jan 2015 by Murat Ucer
The Monetary Policy Committee (MPC) reduced its one-week repo rate by a relatively sizable 50 bps to 7.75%, while keeping the O/N corridor intact (see chart). The move was relatively unexpected in the sense that the majority of participants in the recent CNBC-e poll, for instance, had expected the MPC to be patient and keep rates unchanged at this round as well. Two participants in the poll had foreseen a 50 bps cut of the weekly rate, but they had also factored in a similar reduction in the corridor. We had not completely ruled out rate cuts, but our baseline was also no change in rates, a...

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