MPC: Too Little, Too (Still) Convoluted

TURKEY - Report 18 Aug 2015 by Murat Ucer
The Monetary Policy Committee left all interest rates unchanged today, broadly in line with the consensus. We also thought this course of action was a very high possibility, but, given the ongoing pressures on the lira (that has been inviting the Bank to some sort of action), we had left the door open for at least a modest hike of both the weekly repo rate and the lower end of the corridor, with a view to taking the first “concrete” step toward “policy simplification”. Clearly, the Bank thought even this would be too much, issuing a three-page matrix instead, comprising a number of (lira an...

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