Turkey’s central bank surprised economists and investors on Thursday with a big rate rise as policymakers seek to cool runaway inflation and halt an accelerating capital flight among local savers.
The central bank increased its main interest rate by 5 percentage points to 50 per cent. Most economists had expected it to hold rates steady ahead of local elections on March 31, according to a poll by Reuters.
Policymakers cited a “deterioration in the inflation outlook”, adding that the “tight monetary stance will be maintained until a significant and sustained decline in the underlying trend of monthly inflation is observed”.
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