Central Banks
Supersized Rate Hike Spurs Massive Rally Across Turkish Markets
- Lira, stocks jump on much higher-than-expected rate increase
- Move seen as pivot into orthodox measures to curb inflation
Pedestrians in the Eminonu district of Istanbul, Turkey.
Photographer: Kerem Uzel/BloombergThis article is for subscribers only.
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Turkey’s central bank’s jumbo interest-rate increase triggered a major rally in the country’s assets on hopes that it augurs the unwinding of policies that have sent foreign investors fleeing the $900 billion economy.