Turkish central bank on hold as lira finds support

The Central Bank of the Republic of Turkey

The Central Bank of the Republic of Turkey (CBRT) chose to keep its headline rate on hold today (October 25), as the Turkish economy finds a measure of stability.

The decision to hold the one-week repo rate constant at 24% was in line with analysts’ consensus, but markets nevertheless appeared to welcome the decision. The lira rallied around 0.8% against the US dollar in the immediate aftermath of the central bank’s announcement, having already strengthened somewhat earlier in the day’s trading

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