A good surprise, but road ahead no less difficult

TURKEY - Report 21 Mar 2024 by Murat Ucer

The Monetary Policy Committee (MPC) of the CBRT surprised markets positively today by raising the policy rate by 500 bps to 50%, versus median expectations of no change. The MPC also adjusted “the monetary policy operational framework by setting the overnight borrowing and lending rates 300 basis points below and above the one-week repo auction rate, respectively”, i.e., to 47%-53%, up from 150 bps, i.e., between 43.5%-46.5%, earlier (see Graph 1 below; see link here for the statement).

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