Thanks to Atilla Yesilada, who highlighted this interesting news during his morning newsreading show (a Turkish classic, since Turks don't read, the TVs read to them, as every major channel has a similar program), I now can now explain the CBT's unconventional monetary policy mix: For those of you who do not speak Turkish: At a raid to the CBT's recreational facilities in Ankara, 250 bottles of bootleg alcoholic beverages are confiscated.... I don't know about you, but I thought about the famous raid scene from The Untouchables:)....
Anyway, although we do not if they were smoking something, we now know what the MPC members were drinking when they took their bold policy decisions. Apparently, alcohol does not make you bold only against the opposite sex:).... But now that the problem has been solved, I do not expect any more rate cuts... Unless they also have a stack of weed down at the Bank's vaults:)....
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