Lira plunges as Turkish rates stay on hold

Turkish lira
The Turkish lira took another dive against the dollar today

The Central Bank of the Republic of Turkey (CBRT) caught markets off-guard today (July 24) as it opted to hold its policy rate steady despite spiralling inflation, sending the lira plunging to new lows.

Most analysts had anticipated a 100 basis point hike at what was the central bank’s first policy meeting since the elections that returned president Recep Tayyip Erdoğan to power.

But Erdoğan’s swift move to consolidate his power after his re-election seems to have stayed the central bank’s

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