The move comes after the bank announced last month that it was pausing the hikes.
ANKARA — Turkey’s Central Bank, in a unexpected move, hiked interest rates Thursday by another 500 basis points, from 45% to 50%.
The monetary policy committee cited a “higher than expected” surge in the country’s year-on-year inflation last month, which hit almost 70%. The embattled Turkish lira strengthened immediately after the surprise announcement, trading more than 1% up on the day at 14:30 p.m. local time.
“Recent indicators imply that domestic demand remains resilient,” the bank said in a statement.
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Source: https://www.al-monitor.com/originals/2024/03/surprise-move-turkeys-central-bank-hikes-interest-rates-50
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