Update on CBT and Syria

TURKEY - Report 27 Aug 2013 by Murat Ucer and Atilla Yesilada
Governor Basci's TV Appearance Today's TV appearance by CBT Governor Basci, which was announced last night, was targeted at improving the predictability of monetary policy, as Governor himself stated it. The market was mainly focused on the future course of monetary policy, expecting the Governor to send hawkish messages to calm the continuing market unease, specifically on the lira front. But we think the Governor did almost the exact opposite, saying, in a nutshell: "we have no problems with the exchange rate and do not expect a rate hike." When the two are combined, the implication is cl...

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