Turkey Hikes Rates To Support Currency, Fight Inflation

NewsOK.com RSS - business >> !The Oklahoman, Daily Oklahoman: Business
Thu, 09/24/2020 - 12:49am

ANKARA, Turkey (AP) — Turkey’s Central Bank raised its benchmark interest rate by 2 percentage points on Thursday, its first hike in two years to fight inflation and support its falling currency. In a surprise move that helped boost the Turkish currency, the Monetary Policy Committee said it had decided to increase the policy rate from 8.25% to 10.25% “to restore the disinflation process and support price stability.” The Turkish lira has been plummeting to record lows, dipping to 7.7 against the dollar this week, as the coronavirus pandemic continues to batter the economy.Read more on NewsOK.com

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