The lira extended its rally to over 6% against the US dollar after the Turkish central bank raised interest rates far more than expected on Thursday.
(Bloomberg) — The lira extended its rally to over 6% against the US dollar after the Turkish central bank raised interest rates far more than expected on Thursday.
The currency was trading at 25.3102 per the greenback as of 3:48 p.m. in Istanbul, the highest since June 23, according to data compiled by Bloomberg.
Lira Rallies as Turkey Stuns With Biggest Rate Hike in Years (2)
The central bank, led by Governor Hafize Gaye Erkan, raised its benchmark one-week repo rate to 25% from 17.5%, far above the 20% prediction in a Bloomberg survey of analysts.
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