Turkish rate rise brings easing to an end
The Central Bank of the Republic of Turkey (CBRT) today raised its overnight lending rate – the upper bound of its ‘interest rate corridor' – by 75 basis points to 7.25% in a bid to mitigate its persistently weak currency and rising inflation.
This marks a reversal in the cycle of easing that saw the monetary policy committee (MPC) cut rates as recently as May. Committee members cited "weakened" capital flows and "surging" prices as the main motivations behind the tighter policy.
The Turkish
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