New Turkish governor presides over sharp rate rise

The Central Bank of the Republic of Turkey
Photo: CBRT

Turkey’s central bank raised rates sharply following the first monetary policy meeting chaired by the new governor, one day after the country’s president opposed tighter policy.

The Central Bank of the Republic of Turkey’s monetary policy board raised its one-week repo rate by 475 basis points to 15% on November 19.  The CBRT also said it would provide all funding to banks through that rate, moving it away from previous efforts to tighten monetary policy by other means. 

The policy board was

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