Turkish central bank hikes main rate ahead of election
Hike comes as inflation continues to rise, though the lira has levelled out
The Central Bank of the Republic of Turkey (CBRT) hiked its main rate on June 7, in its final scheduled policy meeting before the country votes in a general election.
The monetary policy committee (MPC) chose to raise the one-week repo rate 100 basis points to 17.75%. Members warned that the “elevated” level of inflation and inflation expectations “continue to pose risks” to the outlook.
The rate hike came despite fears president Recep Tayyip Erdoğan would assert stronger control over the
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