Posted 3/24/2024, 10:42:34 AM
Turkey's Central Bank Acts Decisively to Curb Inflation, Hiking Rates 500 Basis Points to 50%
- Turkey's central bank hikes rates sharply by 500 basis points to 50% amid high inflation
- Rate hike sparks 2% rally for Turkish lira, reversing trend of declines
- Central bank governor seen as asserting autonomy and tackling inflation approaching 70%
- Tighter fiscal policies anticipated after elections to further address cost-of-living crisis
- Central bank survey shows year-end inflation expectation of 44%, exceeding bank's 36% forecast
