MPC: Most Predictable in a Long Time

TURKEY - Report 18 Jun 2013 by Murat Ucer
The Monetary Policy Committee left all rates as well as all other levers of monetary policy (reserve ratios, ROCs, etc.) untouched, exactly in line with the consensus (see graph). The statement was also the plainest we've read in a long time.As before, the Bank reiterated that domestic demand is undergoing a healthy recovery, foreign demand remains weak, and the current account deficit will remain contained, thanks to the current policy framework and the moderate behavior of commodity prices.It then referred to the recent weakness in capital inflows as well as credit growth faring above the...

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