Turkish central bank raises rates by less than expected

MPC increases rates by 250 basis points but analysts had expected much larger rise

The Central Bank of the Republic of Turkey

Turkey’s central bank raised policy rates for the second successive meeting on July 20, but did so by less than market expectations.

The board of the Central Bank of the Republic of Turkey (CBRT) raised rates 250 basis points, bringing the key one-week benchmark repo rate rate to 17.5%. The move followed June’s 650bp rise, which was the first taken under governor Hafize Gaye Erkan.

The key rate nonetheless remains well below Turkey’s official inflation figure, which was 38.2% year-on-year in

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