MPC: Easing Continues, As Expected

TURKEY - Report 23 Aug 2016 by Murat Ucer

The Monetary Policy Committee cut the O/N lending rate by another 25 bps today to 8.5%, from 8.75% earlier, while the O/N borrowing and weekly-repo rates were kept unchanged, at 7.25% and 7.5%, respectively. The width of the corridor dropped further to 125 bps (its lowest level ever), while the spread between the O/N lending and weekly-repo rates – a gauge of sorts for the room left for further easing without undertaking a further reduction of the weekly repo rate -- to 100 bps (Graphs 1-2).

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