Turkey: More than Expected Hike by the CBRT

In today’s monetary policy meeting, the Central Bank (CBRT) increased the O/N lending rate by 25 bps to 8.5% and one-week repo rate by 50 bps to 8.0%, and kept the O/N lending rate constant at 7.25%. The decision surprised the markets as the general market expectation was only a 25bps hike on the one-week repo rate.

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