CBRT spooks markets by dropping tightening wording

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The Central Bank of the Republic of Turkey

The Central Bank of the Republic of Turkey spooked markets today (April 25) despite holding rates, as it appeared to take the possibility of a future rate hike off the table.

The CBRT held its policy rate at 24%, as was widely expected. But it cut a phrase from its statement raising the prospect of additional rate hikes. In March, it had said: “If needed, further monetary tightening will be delivered”.

“The committee has decided to maintain the tight monetary policy stance until inflation

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