Turkey's central bank delivers bold rate hike amid inflation concerns
Published date | 24 March 2024 |
Author | THE MEDIA LINE STAFF |
Publication title | Jerusalem Post, The: Web Edition Articles (Israel) |
This significant policy adjustment arrives just ten days ahead of the much-anticipated nationwide local elections, underscoring the central bank's assertion of its autonomy from political influences and its commitment to combating the inflation rate, which is on the verge of reaching 70%.
A sharp increase in rate
The sharp rate increase sparked a rally for the Turkish lira, which appreciated as much as 2%.
It stabilized at around 31.9 against the US dollar and reversed a trend of continuous decline in recent weeks. Concurrently, Turkey's dollar-denominated bonds experienced an upsurge in value.
Piotr Matys, a senior FX analyst at In Touch Capital Markets in London, described the central bank's decision as having "stunned the market," highlighting it as a clear indicator of Governor Fatih Karahan's resolve. Karahan, who succeeded Hafize Gaye Erkan following her unexpected resignation, is seen as determined to curb the soaring inflation rates.
Since last June, following President Tayyip Erdogan's election victory and subsequent policy pivot towards more orthodox economic strategies, the bank has escalated its key one-week repo rate by 4,150 basis points from an initial 8.5%.
The central bank has pledged to maintain a strict monetary stance until it observes a "significant and...
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