MPC: Rates on hold as expected, but uncertainty prevails

TURKEY - Report 12 Aug 2021 by Murat Ucer

The Monetary Policy Committee kept the policy rate (one week repo) at 19% today. This was the consensus expectation, although there were some second thoughts prevailing among market players whether the Bank would be able to hold its ground after the recent comments made by President Erdogan (link here). Initial reaction of the TL was somewhat positive, perhaps unsurprisingly, thanks to the CBRT sticking to the bad, and avoiding the truly horrific.

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