Turkey Hikes Rates in Surprise Move to Steady Lira Before Ballot.

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    • Subject Terms:
      MIDDLE East; TURKEY
    • Abstract:
      Turkey's central bank surprised analysts by raising interest rates just before upcoming elections in an effort to stabilize the lira. The decision to increase the one-week repo rate to 50% from 45% was unexpected, as most economists surveyed by Bloomberg predicted no change. The move was likely prompted by the lira's recent depreciation and concerns about inflation. The central bank's decision may encourage savers to keep their money in lira assets and attract foreign capital. [Extracted from the article]
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