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Turkey's "Independent" Central Bank Is Latest To Leak Policy Decision To Government

Tyler Durden's picture




 

Ahead of today's Turkey central bank decision, consensus was expecting no change in either the benchmark repurchase rate (at 8.25%), nor the overnight lending and borrowing rates (at 11.25% and 7.50%, respectively). And then, out of the blue, the Turkish deputy Prime Minister was kind enough to inform markets precisely what non-consensus move the Turkish central bank will do today.

Sure enough, moments ago we got confirmation that when it comes to "independent" central banks leaking information to so-called heads of state such as France's Francois Hollande, Turkey is not far behind.

  • TURKEY'S CENTRAL BANK CUTS BENCHMARK REPO RATE TO 7.75%
  • TURKEY CENBANK DECIDED ON MEASURED CUT IN REPO RATE

And while it kept its less relevant overnight rates unchanged, once again we saw that when it comes to "nudging" central banks (as in "Get to work, Mr Charimen"), and central banks in turn leaking decisions back to governments, it is a two-way street, and only the Swiss National Bank appears to have been exempt from front-running its decision by insolvent retail brokers. Well, at least until we get confirmation of Mrs. Kashya Hildebrand's trading tickets from last week.

 

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Tue, 01/20/2015 - 08:15 | 5683115 JustObserving
JustObserving's picture

In the land of the free, Goldman leaks policy decisions to the Fed.  

Tue, 01/20/2015 - 08:18 | 5683119 negative rates
negative rates's picture

What the heck are we going to do w/ all these turkey's?

Tue, 01/20/2015 - 08:46 | 5683152 GetZeeGold
GetZeeGold's picture

 

 

The first official act Obama did as President was to call these turkeys.....gotta be a reason.....just sayin.

Tue, 01/20/2015 - 09:10 | 5683192 lakecity55
lakecity55's picture

"But, but, I did everything you asked!"
Jaimie: "Yes, you did, Leisure Suit Barry. That's why They are coming for you. I have to hop a chopper to the AFB so I can fly to Tahiti. It's been great!"
"Shit, I'll be swinging from a lamp post."
"I promise not to look."

Tue, 01/20/2015 - 10:14 | 5683412 TruthHunter
TruthHunter's picture

Just curious...

Is there any evidence of a leak before the "leak"?  Was there

any shift in FX, stocks etc that signaled someone had privileged info

on this?

 

In the states, its seems insider trading mostly occurs on the millisecond scale.

I could ask why the SEC doesn't prosecute HFT under insider trading law, but

I'm not purchasing any elections, so who would listen?

 

Tue, 01/20/2015 - 08:36 | 5683139 Infinite QE
Infinite QE's picture

But any minute now the Fed is going to raise rates! ROFLMAO!

Tue, 01/20/2015 - 08:55 | 5683174 XqWretch
XqWretch's picture

Bait and Switch. Ill believe it when I see it. They can "say" whatever they want.

Tue, 01/20/2015 - 08:52 | 5683164 youngman
youngman's picture

This is how the 1% becomes the 1%,,,,they know in advance...

Tue, 01/20/2015 - 09:47 | 5683288 Ides of November
Ides of November's picture

When the two choices are interest rate policy run by an Independent (of Government) or interest rate policy (in consultation with Government) which is better and which is preferred?

Tue, 01/20/2015 - 10:10 | 5683392 taggaroonie
taggaroonie's picture

Putting real Turkish interest rates further into the negative.

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