MPC Tweaks Words, Hopes It’ll Suffice

TURKEY - Report 26 Oct 2017 by Murat Ucer

The CBRT’s Monetary Policy Committee (MPC) kept all short-term rates unchanged today (one-week repo rate at 8.0%, O/N lending and borrowing rates at 9.25% and 7.25%, respectively; and LLW rate at 12.25%; Graph 1). Although this is exactly what was being anticipated, the news flow in the past 24 hours and the resulting pressures on the lira had raised expectations -- and hopes -- that the Bank could do a preemptive move. The Bank chose to tweak words in a more hawkish direction instead.

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