In a Wait-and-See Mode, Indefinitely

TURKEY - Report 18 Mar 2014 by Murat Ucer
As expected, there was no surprise in today’s Monetary Policy Meeting decision, which left all interest rates unchanged: weekly repo at 10% and the O/N band at 8%-12 (Graph 1). In terms of the statement’s content, there was also not much new, with the main emphasis of the statement remaining on inflation. The opening paragraph of the statement is devoted to preparing the markets for further negative news on inflation at least through June 2014, and reiteration of the commitment to maintain the tight monetary policy stance “until there is a significant improvement in the inflation outlook”.W...

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