MPC: What to Expect Tomorrow

TURKEY - Report 17 Aug 2015 by Murat Ucer
The CBRT’s Monetary Policy Committee will meet tomorrow. The meeting is an especially interesting one because: 1) it is the first meeting since Governor Basci signaled the Bank’s intention to simplify the monetary policy framework late last month; and 2) it is taking place at a time lira is at an all time low in nominal (basket) terms and at its lowest level in over a decade in real terms (Graphs 1-2; note that August value for the CPI-based Real Effective Exchange Rate is our ballpark estimate, assuming the basket/lira rate hovers little over 3 through the end of the month). Technical Basi...

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