Global Macro Service > Research Briefings > Turkey
The central bank of Turkey (CBRT) hiked the policy rate by 200bp, to 10.25%, at today’s critical meeting, surprising markets. The conduct of monetary policy has long been undermined by overarching policy preferences, that focus on growth; as a result, we and the consensus expected no change. Today’s move, which automatically also lifts other rates in operation, should help stabilise the lira and ward off risks to inflation.
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