Turkey holds lending rate on liquidity fears

The Central Bank of Turkey continued its rate-tightening run on Thursday by raising borrowing rates by half a point. But volatility in the money markets kept lending rates constant.

The borrowing rate for funds that the central bank borrows from the banking sector. The lending rate is the cost of central bank funds for the banks.

The central bank hiked its benchmark overnight borrowing rate 50 basis points for the third straight month to 16.75%. The benchmark lending rate remained at 20.25%.

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