Turkish central bank hikes as Trump election hits lira
Rate hike ignores latest call for more cuts from Turkish president Erdogan
The Central Bank of the Republic of Turkey (CBRT) hiked interest rates today (November 24) as the effects of the US election were reflected in a sharp drop in the Turkish lira.
The move marks the end of a steady process of monetary easing, begun in March just before current governor Murat Çetinkaya took office.
However, the action continues the central bank's policy of narrowing the rate corridor, as the monetary policy committee (MPC) chose to raise the policy rate by 50 basis points, to 8%
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