GLOBAL & REGIONAL DAILY (Friday, December 17, 2021)
GLOBAL & REGIONAL DAILY
HIGHLIGHTS
December 17, 2021
Global Markets
The ECB Governing Council judged yesterday that progress on economic recovery and towards its medium-term inflation target permits a gradual reduction in the pace of its asset purchases over the coming quarters, but left the door open for flexibility whenever price stability is jeopardised.
Greece
The ECB Governing Council meeting decided yesterday that the ECB will continue buying Greek bonds over and above rollovers of redemptions, after the end of the Pandemic Emergency Purchase Programme (PEPP) in March 2022, in order to facilitate the transmission of monetary policy to Greece, while it is recovering from the pandemic.
CESEE
Despite the soaring inflation (latest CPI print at 21.3%ΥοΥ in November), markets anticipated an 100bps cut in the policy one-week repo rate, which was indeed delivered by the Central Bank of Turkey (CBRT) yesterday and pushed the lira into new all-time lows against the euro and the dollar.
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