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CBRT Unexpectedly Keeps Rates Unchanged, TRY Falls Sharply

TURKEY

USD/TRY rallies sharply, rising firmly through the 7.90 level as the Turkish central bank kept policy rates unchanged against expectations of a significant rate hike today. USD/TRY nearing alltime highs at 7.9588.

While one-week repo on hold, they've adjusted their policy framework and set the margin between the CBRT Late Liquidity Window lending rate and overnight lending rate as 300 basis points.

Full CBRT statement here.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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