SURPRISE TURK­ISH RATE IN­CREASE

The National - News - Business - - The Region -

Turkey’s cen­tral bank yes­ter­day un­ex­pect­edly in­creased the in­ter­est rate that is used for about 90 per cent of re­cent fund­ing to com­mer­cial lenders, a de­ci­sion that gives the bank ad­di­tional flex­i­bil­ity in case of fu­ture pres­sure on the lira as it high­lighted con­tin­ued risks from in­fla­tion. The bank raised the late liq­uid­ity win­dow rate by 50 ba­sis points to 12.25 per cent, while the me­dian estimate in a Bloomberg sur­vey had called for no change. The lira strength­ened af­ter the de­ci­sion, be­fore re­vert­ing to a loss. – Bloomberg

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