Lira Is All That Matters, Redux

TURKEY - Report 20 May 2015 by Murat Ucer
Today, as expected, the Monetary Policy Committee (MPC) kept all short term-interest rates unchanged (see graph). The only difference from the previous MPC statement concerns the belated inclusion of a sentence on the adverse impact of lira weakness on core inflation dynamics (“…recently elevated volatility in the exchange rates has limited the improvement in the core inflation, as stated in the Inflation Report”). We say ‘belatedly’, because this sentence should have already been included in the previous MPC statement (see our Pass-Through, What’s That?, April 22, 2015). What we’ve experie...

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