MPC Delivers Consensus, Ends Simplification

TURKEY - Report 24 Jan 2017 by Murat Ucer

The Monetary Policy Committee raised the O/N Lending and Late Liquidity Window (LLW) rates by 75 and 100 bps, to 9.25% and 11%, respectively, while keeping the O/N Borrowing and Weekly Repo rates unchanged at 7.25% and 8%, respectively (see chart). It was hard to speak of a consensus prior to the meeting with forecasts flying all over the place, but the move, except for the weekly repo rate, seems “broadly” in line with the median of forecasts, as compiled by a Reuters poll.

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