MPC: Pass-Through, What’s That?

TURKEY - Report 22 Apr 2015 by Murat Ucer
Today, the Monetary Policy Committee kept all interest rates unchanged (Graph 1) and tweaked macro-prudential ratios a little, all as expected. The latter involved raising interest rates on TL-based required reserves by 50 bps and reducing the rate charged on F/X borrowings of banks from the CBRT by 50 bps, both of which should have no significant effect on market conditions or the lira outlook. Notably, the wording of the post-meeting statement was also exactly the same with the previous one. But we find this part very problematic, because it points to a disturbing divergence between what ...

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