Central Banks
Turkey Central Bank Hikes Rate by Double the Forecast to 40%
- The monetary authority delivers a bigger-than-expected hike
- Real rates now above zero relative to an inflation gauge
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Turkey’s central bank hiked interest rates by double the amount markets expected on Thursday, bolstering the lira.
The Monetary Policy Committee raised the benchmark one-week repo rate by 500 basis points to 40%. The expectation was for an increase of 250 basis points and the currency extended gains after the decision.