Banco central de Turquía deja mayoría de tasas sin cambio

Genevieve Signoret & Patrick Signoret

El Banco Central de la República de Turquía dejó su tasa principal de política monetaria (repo a una semana) sin cambio en 4.50%. Sin embargo, subió la tasa de préstamos interdiaria en 50 puntos base a 7.75%.

Murat Ulcer de GSP Turquía ($) interpretó la acción como un “defensa débil de la lira”:

Today’s move is surprising when judged against the consensus, which had been for no rate hikes, but it is not so when judged against the developments of the past few days. The emerging market sell-off shows no clear sign of abating yet, and the lira continues to weaken as a result, with the basket having exceeded 2.27 yesterday, and hovering at little below 2.28 today. From this perspective, we have seen today another compromise move by the Committee that reduces the chances of being forced to a rate hike in an emergency meeting in the next few days, but it is not bold enough to place the Bank ahead of the curve. Put differently, we see the Bank continuing with its rather timid approach in this particular cycle – that of raising rates only when it has to, and not so much on average.

[…]  The bottom line is that today’s MPC decision is not all that surprising, given that the pressures on the lira have increased again, but it is unlikely to be enough to reverse the trend, unless appetite toward emerging markets improves noticeably.