The MPC’s Not-So Surprising Move

TURKEY - Report 24 Mar 2016 by Murat Ucer

Contrary to consensus, the Monetary Policy Committee (MPC) cut the O/N lending rate by 25 bps today, while leaving the other short-term rates (one-week repo and the O/N borrowing rates) unchanged (Graph 1). We are not too surprised with the move, as we had put the odds in favor of a cut of the O/N lending rate in our recent Weekly Tracker, which was entirely based on the Bank’s track record of easing opportunistically in these types of circumstances.

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