“Turkish Central Bank has hiked 1-week repo rate, known as the policy rate, by 475 basis points from 10.25{4a62a0b61d095f9fa64ff0aeb2e5f07472fcd403e64dbe9b2a0b309ae33c1dfd} to 15{4a62a0b61d095f9fa64ff0aeb2e5f07472fcd403e64dbe9b2a0b309ae33c1dfd}.
The Turkish Lira slightly gained against the U.S. dollar after the announcement of the decision at the monetary policy meeting of the bank.
The bank said in a statement following the Nov. 19 meeting that it decided to:
Thus, the Central Bank has decided on the simplification of the interest rate policy, which was a lingering market expectation.
This was the Central Bank’s first policy meeting under its new Gov. Naci Ağbal, whose appointment was followed by the resignation of Treasury of Finance Minister Berat Albayrak, President Recep Tayyip Erdoğan’s son-in-law on Nov. 8, and hir replacement by another former minister, Lütfi Elvan.
The Turkish Lira was trading at historic lows against both the U.S. dollar and the euro ahead of the shuffle, and Erdoğan’s statements on reforms in the economy and the judiciary.
The lira was trading at around 7.7 per dollar ahead of the decision and increased to 7.5 after the decision, before falling back to 7.62 liras.
The Turkish currency has lost more than 20 percent against the greenback this year.
Below is the Central Bank statement after the anticipated policy meeting:
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