Lira rallies as CBRT hikes main rate

The Central Bank of the Republic of Turkey

The Central Bank of the Republic of Turkey delivered a much-anticipated rate hike today (September 13), triggering a modest recovery of the country’s troubled currency.

The monetary policy committee hiked the policy rate, the one-week repo rate, to 24%, an increase of 6.25 percentage points from its previous level.

Because the central bank had only been offering banks funding at the higher overnight lending rate, the effective hike was 4.75 percentage points. The CBRT says it will in future

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