MPC: Easing Continues, More to Come

TURKEY - Report 22 Sep 2016 by Murat Ucer

​As expected, the Monetary Policy Committee cut the O/N lending rate by another 25 bps today to 8.25%, while the O/N borrowing and weekly rates were unchanged, at 7.25% and 7.5%, respectively. The width of the corridor has hence dropped further to 100 bps, 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 rate -- to 75 bps (Graphs 1-2).

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