MPC responds to the EQ, says it's one-off

TURKEY - Report 23 Feb 2023 by Murat Ucer

The CBRT/MPC cut the policy rate by 50 bps to 8.5%, exercising somewhat of a restraint, compared with expectations of 100, in some cases 200 bps reduction -- and our admittedly somewhat loosely formulated, “we would not be surprised if the Bank reduced the policy rate by another 100 bps or so”.

The statement contains a couple of changes that are worth mentioning. As regards the earthquake impact, the Bank leaves it open, saying it is under evaluation, but adds that “[w]hile the earthquake is expected to affect economic activity in the near term, it is anticipated that it will not have a permanent impact on performance of the Turkish economy in the medium term”.

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