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Turkey's central bank hikes interest rate by 500 basis points to 40%, well above expectations - TL;DR CNBC

Turkey's central bank hikes interest rate by 500 basis points to 40%, well above expectations

Publishing timestamp: 2023-11-23 07:04:18


Summary

Turkey's central bank has hiked its key interest rate to 40%, double economists' expectations. The move is seen as an attempt to combat high inflation and a falling lira. The rate hike has been praised by some experts for being ahead of expectations and for the bank's commitment to fighting inflation. However, the interest rate increases have been painful for Turks, and the lira has significantly weakened in recent years.


Sentiment: MIXED

Tickers: TRY=

Keywords: breaking news: middle eastpricesforex marketsbusiness newsmarketsus dollar/turkish lira fx spot rate

Source: https://www.cnbc.com/2023/11/23/turkeys-central-bank-hikes-interest-rate-by-500-basis-points-to-40percent-above-expectations.html


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