MPC Makes a Compromise Move

TURKEY - Report 19 Jul 2016 by Murat Ucer

The Monetary Policy Committee cut the O/N lending rate by 25 bps today to 8.75%, from 9% earlier, while the O/N borrowing and weekly-repo rates were kept unchanged, at 7.25% and 7.5%, respectively. After some 200 bps cut of the O/N lending rate, the width of the corridor remains at an all-time low of 150 bps, while the spread between the O/N lending and weekly-repo rate – a gauge of sorts for the room left for further easing without reducing the weekly rate further -- to 125 bps.

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