Turkey keeps tightening with secondary instruments


The Central Bank of the Republic of Turkey (CBRT) left its policy rate on hold on March 16, but added to a sharp tightening process via its other liquidity facilities. Although the policy rate remains flat at 8%, the central bank hiked the rate on its “late liquidity window” by 75 basis points to 11.75%. Data published by the central bank shows it stopped supplying liquidity at the one-week policy rate in mid-January as inflation began to climb. Instead, it turned to two overnight rates and