Turkish central bank raises rates unexpectedly



The Central Bank of the Republic of Turkey

Turkey’s central bank unexpectedly raised its policy rates by 200 basis points today (September 24), after several meetings in which it held rates.

The central bank’s six-member monetary policy committee voted to raise the one-week repo auction rate from 8.25% to 10.25%, it said in a press release. The MPC said Turkey’s economic activity was “recovering markedly in the third quarter owing to gradual steps towards normalization and the strong credit impulse”.

The move follows a long period

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