Had to Cut Something, I Guess…

TURKEY - Report 28 Aug 2014 by Murat Ucer
Needless to say, yesterday’s CBT/MPC decision that lowered the O/N lending rate -- from 12% to 11.25% or to 10.75% for primary dealers -- while leaving the reference one-week repo rate intact (see graph), came as a surprise. Our political analyst-cum-cosmic strategist already shared his thoughts yesterday, focusing on the political economy dimension of the decision. I wanted to follow up, to share a few of my thoughts -- and grievances. The key aspect of yesterday’s decision from my perspective is that I felt -- yes, again! -- a bit wrong-footed by Governor Basci. Aside from raising some ve...

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