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Turkey Central Banker Tightens Again in Boost to Credibility

  • Governor Agbal increases one-week repo rate to 17% from 15%
  • Central bank says strong tightening needed to contain risks
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Turkey’s central bank governor delivered another meaty interest-rate hike, bolstering credibility with investors after he pledged to tighten policy when needed to keep prices in check.

The Monetary Policy Committee led by Governor Naci Agbal lifted the one-week repo rate to 17% from 15% on Thursday, beating the 150-basis-points hike predicted in a Bloomberg survey of 25 analysts.