Turkish central bank holds rates despite currency’s slide

CBRT
Photo: CBRT

The Turkish central bank’s monetary policy committee (MPC) kept policy rates stable today (Oct 22) despite growing pressure on the country’s currency.

The MPC continued its recent attempts to tighten monetary policy by indirect means, but the lira continued to fall against the dollar. The seven-member rate-setting committee set the margin between the central bank’s late liquidity window lending rate and overnight lending rate as 300 basis points.

But the failure to raise the policy rate

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