Turkey and South Africa shock markets with interest rate hikes


The South African Reserve Bank (Sarb) today followed its Turkish counterpart in taking markets by surprise with an interest rate rise, as the sell-off in emerging market currencies continued ahead of an expected further tapering of Federal Reserve asset purchases later today.

The Turkish central bank was expected to raise rates but defied political pressures by dramatically hiking interest rates last night, and also simplified its byzantine monetary policy framework as part of a reversal of year

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