Turkey Central Bank Unexpectedly Raises Rates on Lira Plunge

Updated on
  • Borrowing costs lifted for first time since January 2014
  • Decision defies political demands for lower borrowing costs

Kinsella: Turkey Had No Choice but to Raise Rates

Turkey’s central bank unexpectedly raised its one-week repurchase and overnight lending rates for the first time in almost three years, after the lira’s plunge to a record low and its impact on inflation trumped political demands for lower borrowing costs.

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