MARKET WRAP: Rand unspared in currency rout after Turkey slashes rates
JSE fell the most in a month, tracking mostly weaker global markets as a possible default by Chinese property giant Evergrande weighed on sentiment
21 October 2021 - 19:06
The rand and other emerging market currencies fell in sympathy with Turkey’s lira, which plummeted to a record low after country’s central bank announced a sharp cut in its benchmark interest rate on Thursday.
The Central Bank of the Republic of Turkey (CBRT) slashed its policy rate by 200 basis points to 16%, despite rising inflation and a fast-depreciating currency, which economists viewed as confirmation of the bank’s loss of independence...
BL Premium
This article is reserved for our subscribers.
A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.
Already subscribed? Simply sign in below.
Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now