Timid Defense of the Lira Continues

TURKEY - Report 20 Aug 2013 by Murat Ucer
The Monetary Policy Committee raised the O/N lending rate by another 50 bps today, to 7.75%, but left the other two rates -- the weekly policy and O/N borrowing rates -- unchanged (Graph 1). The Committee kept the lending rate for primary dealers at 6.75%, which means that the “normal day rate” has not changed much. In exceptional days, however, we are now talking money market rates rising to as high as 7.75%. (Recall that since last month’s decision, primary dealers also have to borrow at the maximum lending rate in exceptional days.) Today’s move is surprising when judged against the cons...

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