Turkish central bank raises rates unexpectedly

The Central Bank of the Republic of Turkey
Photo: CBRT

Turkey’s central bank unexpectedly raised its policy rates by 200 basis points today (September 24), after several meetings in which it held rates.

The central bank’s six-member monetary policy committee voted to raise the one-week repo auction rate from 8.25% to 10.25%, it said in a press release. The MPC said Turkey’s economic activity was “recovering markedly in the third quarter owing to gradual steps towards normalization and the strong credit impulse”.

The move follows a long period

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