Turkish central bank makes long-awaited hike
Inflation has been in double digits for several months, but the CBRT has struggled to hike
The Central Bank of the Republic of Turkey hiked interest rates today (April 25), the first such move this year despite continuing double-digit inflation.
The monetary policy committee added 75 basis points to the lending rate on the CBRT’s late liquidity window, which has become the de facto policy rate, bringing it to 13.5%. Though the one-week repo rate is unchanged at 8%, average funding rates are now equal to the late liquidity rate, implying banks are only offered funding at the higher
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