On Auto-Pilot, At Least Until April

TURKEY - Report 23 Feb 2016 by Murat Ucer
As expected, the Monetary Policy Committee has left all rates unchanged today (Graph 1). The statement was almost exactly the same as well, except for two minor changes. The sentence, “demand from the European Union economies continues to support exports”, was modified to include, “at an increasing pace” (which is somewhat puzzling because, unless we are missing something, it does not seem quite right; Graph 2). And the reference to global volatility at the end of the previous statement, “…assessed the heightened global volatility since the beginning of the year”, has been dropped, which is...

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