MPC Tries Damage Control

TURKEY - Report 17 Mar 2015 by Murat Ucer
As expected, given the wobbly behavior of the lira and the recent deterioration in inflation expectations, the Monetary Policy Committee did the cautious thing today, leaving all interest rates unchanged (see graph). As for the content of the statement, the assessments on the current account deficit (-- that it is narrowing, thanks to the favorable terms of trade effects) as well as on growth (“[e]xternal demand remains weak, while domestic demand contributes to growth moderately”) are identical to the previous statement. But the paragraph on inflation has been modified by way of dropping t...

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