Turkey raises policy rates for fourth consecutive time

Foreign exchange rates little changed, despite president’s commitment to tight monetary policy


Turkey’s central bank raised its policy rates by 500 basis points on September 21, the fourth consecutive increase under its new governor, bringing the one-week repo rate to 30%.

The move came two weeks after Turkish president Recep Tayyip Erdoğan announced he was committed to a tight monetary policy. But the Turkish lira remained weak against major foreign currencies, indicating that financial market participants may need further convincing that policy has changed.

The Central Bank of the

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