Lira soars on CBRT rate hike, Pound jumps

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The Lira roared back to life on Thursday after Turkey’s central bank caught investors off-guard by raising interest rates higher than market expectations.

In a move that was seen as defiance against President Recep Tayyip Erdoğan, the Central Bank of the Republic of Turkey (CBRT) raised its key interest rate sharply from 17.75% to 24%. While the Lira has scope to extend gains on the CBRT’s pledge to enact strong monetary tightening, bulls could face headwinds down the road. 

A one-time defiance against Erdoğan may not be enough to fully convince markets that Turkey’s central bank… Read More

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