MPC: An Uneventful Ending

TURKEY - Report 24 Dec 2014 by Murat Ucer
In line with the consensus view, the Monetary Policy Committee left all interest rates unchanged today: the weekly repo rate at 8.25%; O/N lending and borrowing rates at 11.25% and 7.5%, respectively (see chart). In terms of the content of the statement, there was no major change from the previous one, but a few points are probably worth highlighting nevertheless. First, the Bank’s take on growth is broadly unchanged -- “External demand remains weak, while the contribution of domestic demand to growth is at moderate levels” -- but now there is an additional sentence in the statement: “The C...

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