MPC: Now Comes the Tricky Part

TURKEY - Report 21 Jun 2016 by Murat Ucer

The Monetary Policy Committee (MPC) cut the O/N lending rate by another 50 bps to 9% (simple) today, in line with our and the majority of market players’ expectations. The other two rates – O/N borrowing and weekly-repo – were left unchanged. The cumulative cut of the O/N lending rate since March has hence reached a rather substantial 175 bps (Graph 1).

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