Turkish central bank raises rates for first time since 2021
Lira falls despite tightening as finance minister promises “free foreign exchange regime”
Turkey’s central bank raised rates in its first monetary policy meeting under its new governor, but its currency still fell sharply on foreign exchange markets.
The Central Bank of the Republic of Turkey (CBRT) raised the one-week repo rate by 650 basis points today (June 22), from 8.5% to 15%. But despite the move, the lira fell steeply to a new low, reaching 24.53 against the US dollar after closing the previous day at 23.48.
Many observers had expected the CBRT to raise rates after newly re
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