I elaborate on
most of the points raised in this column in a piece published in the Emerging Markets EconoMonitor before
the MPC meeting. One particular point I make is that hiking the reserve
requirement is likely to increase the credit interest rate marginally and could
even increase the quantity of liquidity. That point is explained in detail in another contribution about the CBT's decision by Chevelle
of the blog Models
& Agents. In addition, I take on whether the Turkish economy is
overheating/overheated at an earlier contribution.
The Central Bank of Turkey, or CBT, did not surprise at all on Thursday when it cut the policy rate from 7 to 6.5 percent. Friday’s reserve requirement hikes were in line with expectations as well.
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