The Central Bank of the Republic of Turkey delivered a bigger-than-expected rate hike today. Market expected CBRT to raise the 1-week repo rate to 18% from 17%. However, the Bank increased the rate to 19% instead. CBRT also said that tight monetary stance will be maintained and additional tightening will be delivered if needed. USDTRY slumped from 7.46 to below 7.35 on the decision.
USDTRY slumps after CBRT delivered a bigger-than-expected rate hike. Source: xStation5
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