You know this is war, don't you?

As the FT summarizes, the Central Bank of Turkey, or CBT, delivered huge hikes to required reserve ratios, or RRRs, across the board, with the exception of the longest maturities.

"Ouch!", as my friends at GlobalSource / Turkey Data Monitor noted in their short note. The Bank seems apparently determined in curbing credit growth. BTW, here's a good Turkish idiom to describe the situation, for my friend improving her Turkish on ekinler dize kadar, based on my recent woes with the baking system: "Ahini almak", which means, more or less, being hexed by someone for doing something bad to them:).... In other words, you don't mess with zhe Emre:)...

Now, turning back to business after this short Turkish diversion, these moves are, according to the Bank, are to drain TRY 19 billion of liquidity, so to prevent market rates go significantly above policy rates, we'll see an equal in liquidity provided by the CBT. So in other words, what the CBT taketh, He giveth:)....

BTW, the policy rate did not change...