Currencies

Its key interest rate equal to the one-week repo auction rate will be cut by 500 basis points to 35%. The rate decision follows a 500 basis point rate hike in September.

October 26, 2023

1438

The Turkish lira gave up another 2% today, on Tuesday July 18, to a record low against the dollar on concerns that the central bank may raise interest rates less than previously expected this week.

July 18, 2023

1730

The governor of the central bank of Turkey, apparently submitting to the orders of President Recep Tayyip Erdogan, who has unorthodox monetary views (if inflation gets higher, he wants the rate to be cut, according to his statements, while the classic economic theory says the opposite) cut the interest rate more than expected despite rising inflationary pressures and the continuing demise of Lira to an all-time low.

October 21, 2021

2631

FT wrote that Turkish Lira was “a rare bright spot for emerging market currencies in July”.

July 30, 2021

2643