​MPC: Some restraint, at last

TURKEY - Report 25 Jun 2020 by Murat Ucer

At today’s rate-setting meeting, the Monetary Policy Committee (MPC) kept the policy rate (weekly-repo) at 8.25%, contrary to the consensus expectation (including ours) of another 25-50 bps reduction. Recall that this is the first pause since the MPC started the easing cycle right after the appointment of Governor Uysal last July, which has resulted in a cumulative 1575 bps cut since – of which, some 250 bps came after the onset of Turkey’s first official COVID case in early March (Graph 1).

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