MPC: Not So Dovish After All…

TURKEY - Report 20 Nov 2014 by Murat Ucer
In line with the consensus view, the MPC left all interest rates unchanged today: weekly repo rate at 8.25%; O/N lending and borrowing rates at 11.25% and 7.5%, respectively. Three aspects of the statement are worth highlighting. First, the Bank now hints at a moderate shift in the composition of growth from foreign to domestic demand, in contrast to the more upbeat references to export performance in the earlier statements. (“Global demand remains weak, while the contribution of domestic demand to growth is increasing.”) Second, the assessment on inflation dynamics stays unchanged from the...

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