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Published on Thursday, December 14, 2017 | Updated on Wednesday, January 3, 2018

Turkey: The CBRT tightens but lower than expected

The CBRT hiked the recent de-facto policy rate (late liquidity window, LLW) by only 50bps to 12.75%, disappointing the market call between 75-100bps and our call of 125bps in the average funding rate. The incoming inflation data will be the key input to know whether the CBRT opted today for a gradualist approach or just a wait-and-see attitude.