Turkey’s central bank on Thursday kept its policy rate at 24% and removed a commitment to tighten monetary conditions further if needed. The announcement disappointed investors, and is expected to intensify the sell-off in the lira.
The news caused the currency to fall back to levels not seen since October, when the effects of the country’s emergency 625bp September rate rise were just beginning to be felt. At the time of writing, on Thursday afternoon, the currency was trading at TL5.95 to the dollar,
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