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Turkey's Central Bank Outdoes Forecasts With Big Rate Hike.
- Source :
- Bloomberg.com; 11/23/2023, pN.PAG-N.PAG, 1p
- Publication Year :
- 2023
-
Abstract
- Turkey's central bank surprised markets by raising interest rates by double the expected amount, leading to a strengthening of the lira. The Monetary Policy Committee increased the benchmark one-week repo rate by 500 basis points to 40%, surpassing the anticipated 250 basis point increase. The central bank has been tightening monetary policy since President Recep Tayyip Erdogan's re-election in May, aiming to combat inflation and attract foreign investors. The decision is seen as a positive step for the Turkish economy, with investors looking for further rate increases before investing in local debt markets. [Extracted from the article]
Details
- Language :
- English
- Database :
- Complementary Index
- Journal :
- Bloomberg.com
- Publication Type :
- Periodical
- Accession number :
- 173810318