MPC: Back to old ways

TURKEY - Report 22 Oct 2020 by Murat Ucer

In a surprise move, the Monetary Policy Committee raised the Late Liquidity Window (LLW) rate by 150 bps to 14.75% from 13.25%, but left the O/N as well as the policy rate (one-week repo rate) unchanged at 11.75% and 10.25%, respectively (all simple; see chart). Parenthetically, the Bank put the latter decision in a somewhat cryptic way, we felt, by stating that it would “set the margin between the CBRT Late Liquidity Window lending rate and overnight lending rate as 300 basis point”, but we do not think it is of much significance.

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