A Very Small Step in the Right Direction

TURKEY - Report 19 Nov 2013 by Murat Ucer
Today, the CBT/MPC kept all policy rates (weekly repo and O/N corridor) unchanged as expected, but said the following, which was the critical sentence of the statement: "In order to contain the impact of these developments on the pricing behavior, the Committee decided to strengthen the cautious stance and reduce the volatility of short term money market rates. To this end, one month repo auctions will be terminated, as a result of which interbank money market rates will materialize around 7.75 percent." This means a modest hike. The 5-day moving average of the interbank rate has been at 7....

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