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    Turkey’s cbank leaves interest rate unchanged

    October 24, 2020
    finance & economy

    Turkey’s central bank on Thursday kept its benchmark interest rate unchanged, defying analysts who expected a hike aimed at combating inflation and reining in a plunging lira. The one-week repo rate would remain at 10.25 per cent, the bank announced after a meeting of its Monetary Policy Committee.
    The move roiled markets, with the lira dropping to 7.97 against the dollar.
    The bank had, in a September surprise, raised rates for the first time since a currency crisis in 2018 to bolster the lira, which has depreciated to record lows.
    It was a major turnaround in monetary policy as it increased the rate to 10.25 per cent last month from 8.25 per cent, which it had maintained at its last three consecutive meetings. Explaining its decision to keep the rate on hold, it said that “a significant tightening in financial conditions has been achieved.

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