Trilemma Optimization Continues

TURKEY - Report 23 Jul 2013 by Murat Ucer
The Monetary Policy Committee raised the O/N lending rate by 75 bps to 7.25%, and left the other two rates -- the weekly policy and O/N borrowing rates -- unchanged, thereby widening the O/N corridor (see graph).The Bank also kept the ROCs and RRRs unchanged. The move is broadly in line with the consensus, though we had expected the Bank to be somewhat bolder. Then again, the Bank took a somewhat controversial step of eliminating, for exceptional days only, the primary dealers’ access to the O/N window at the more favorable, 50 bps lower rate.In other words, in times of lira weakness, the B...

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