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Turkey’s Monetary Tightening: Will Other Emerging Markets Follow?
The Turkish Central Bank surprised skeptical markets and pushed policy interest rates sharply higher last night. The bank made the following adjustments: it increased the overnight lending rate from 7.75% to 12% (425 basis points), the overnight borrowing rate from 3.5% to 8% (450 basis points), and the repo rate from 4.5% to 10% (550 basis points)–a very large shift upward of the TCB’s interest rate corridor.
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