MPC tries to escape with the minimum

TURKEY - Report 14 Dec 2017 by Murat Ucer

The CBRT’s Monetary Policy Committee (MPC) raised the Late Liquidity Window (LLW) lending rate by a lower than expected 50 basis points (bps) to 12.75% from 12.25%. As broadly expected, the MPC left all other interest rates unchanged (one-week repo rate at 8.0%, O/N lending and borrowing rates at 9.25% and 7.25%, respectively; see graph). As the market expected at least a 100 bps hike in the LLW rate with risks possibly on the upside, the lira reacted negatively to the decision.

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