Turkish central bank simplifies policy framework

The CBRT is moving back to a more conventional policy framework

The Central Bank of the Republic of Turkey has unveiled plans to return its policy framework to a more conventional footing, in a move that coincided with the lira finding a degree of stability.

On May 28, the CBRT said it would be adopting the one-week repo rate as its policy rate, with the rate to fall within a band formed by the overnight borrowing and lending rates at 150 basis points above and below the main rate.

The decision appeared to help calm foreign exchange markets, which have

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