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BREAKING: USDTRY drops after big CBRT rate hike

12:03 PM 23 November 2023

Central Bank of Republic of Turkey announced its latest monetary policy decision today at 11:00 pm GMT. Bank decided to hike rates by 500 basis points, with main one-week repo rate jumping from 35.00 to 40.00%. Median expectations among economists were for a 250 basis point rate hike. CBRT pledged in a statement to slow the pace of tightening going forward.

Turkish lira gained following the decision with USDTRY slumping around 0.9% in a knee-jerk move. However, big part of this drop has been erased already.

Source: xStation5

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