MPC: Good delivery, but next step still uncertain

TURKEY - Report 24 Dec 2020 by Murat Ucer

The Monetary Policy Committee hiked the policy rate (weekly-repo) by 200 bps today, some 50 bps higher than the median forecast, to 17% (see chart). Importantly, the language on inflation has also turned more hawkish, with clear emphases on the “continuation” of adverse inflation dynamics. On the not-so-positive side, the Bank has again refrained from sending a clear signal regarding its next move, basically giving the impression to us that it hopes to be done after today’s move.

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