​MPC: No change, as expected

TURKEY - Report 18 Feb 2021 by Murat Ucer

At today’s rate-setting meeting, the Monetary Policy Committee/CBRT left the policy rate unchanged at 17% (simple), as expected.

Regarding the content of the statement, as far as we can see, two changes are worth highlighting from the previous one. One is the indirect or de facto acknowledgment of a further worsening in the inflation outlook with references to: a) the effects of lockdowns on economic activity having remained “limited”, and b) the upward trend in commodity prices continuing.

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