Unorthodox monetary tools worked for Turkey, central bank research shows
Unorthodox measures put in place by Turkey's central bank to shelter the country's economy from the vagaries of global markets have been largely successful, according to three research papers published by the bank in February – the same month that saw the overnight lending rate jacked up 425 basis points after the lira went into freefall.
The Central Bank of the Republic of Turkey (CBRT) has actively relied on two flagship tools, an asymmetric interest rate corridor and a ‘reserve option
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