MPC: Cut and Paste, Wait and See

TURKEY - Report 23 Oct 2013 by Murat Ucer
As expected, the Monetary Policy Committee left all rates (weekly policy as well as the O/N rates; see graph) and all other policy levers unchanged today. The wording of the statement was literally a carbon copy of the September statement (click here for this and here for the previous statements.) The Bank reiterated the following messages: Growth is continuing at a moderate pace, CAD is contained thanks to the current framework, and credit growth should decelerate (in fact, according to our calculations it has already, to around 20%, measured by the 13-week annualized indicator). Inflation...

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