CBT likely to keep monetary policy broadly neutral

Judging by the words of the CBT governor that the immediate effect on the monetary policy will be neutral ("as this is not an effort to loosen or tighten our policy stance"), if it chooses to do so, the CBT may increase the 1-week repo by as much as 100bp ceteris paribus. 

At the moment, CBT funding is a combination of 1-week repo and O/N lending and the effective CBT funding rate is hovering around 8.50%. 

"Therefore, a 100bp hike in repo and provision of whole CBT liquidity in 1-week repo instead of O/N lending would keep the effective CBT funding rate unchanged at 8.50%", says Barclays.