Turkey raises interest rates more than expected and lira soars
The lira has risen about 14% under central bank governor Naci Agbal’s watch as it seems Turkey is returning to more orthodox monetary policy
The lira surged after Turkey’s central bank hiked interest rates more than forecast, driving home governor Naci Agbal’s pledge to tame inflation and defend the currency.
The monetary policy committee lifted the one-week repo rate to 19%, double the 100-basis-points hike predicted in a Bloomberg survey of 24 analysts. That sparked the biggest intraday advance in more than a week for the lira, making it the best performer in emerging markets on Thursday...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.