Turkey reverses easing cycle by raising policy rate to 46%
Central bank makes further attempt to calm markets following opposition leader’s arrest
Turkey’s central bank today (April 17) raised its policy rate to 46%, up from 42.5%, in its latest attempt to calm the markets following last month’s arrest of a prominent opposition figure.
The Central Bank of the Republic of Turkey (CBRT) also raised the overnight lending rate to 49% from 46% and the overnight borrowing rate to 44.5% from 41%.
The bank had raised the overnight lending rate by 200 basis points on March 20, while leaving the policy repurchase auction rate and overnight borrowing
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