MPC: On Autopilot a While Longer

TURKEY - Report 22 Sep 2015 by Murat Ucer

The Monetary Policy Committee left all interest rates unchanged today, as expected.The economics of the statement is also very similar to the previous ones except for a few minor additions (e.g., “the composition of growth is expected to shift gradually towards net exports in the upcoming periods”).

As for the stance of policy or regarding the way forward, the following sentence sums it up:

“Considering the impact of the uncertainty in domestic and global markets on inflation expectations and taking into account the volatility in energy and food prices, the Committee decided to maintain the tight liquidity stance as long as deemed necessary.”

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