I Am An Excellent, Excellent Driver

TURKEY - Report 22 May 2014 by Murat Ucer
Contrary to our – and most analysts’ -- expectations, the Monetary Policy Committee cut the one-week repo rate by 50 bps today to 9.5%, while it kept the O/N lending and borrowing rates unchanged (see chart). This cut is significant because the one-week repo rate has regained its prevalence as the closest thing that comes to a policy rate in our complex context, after the Bank’s emergency meeting on January 28th. True, Governor Basci had hinted at the possibility of a measured rate cut during the presentation of the April Inflation Report and we are fully aware that it is always tempting fo...

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