CBRT rate hold calms markets but woes far from over

By Mariam Meskin
15 Apr 2021

The Central Bank of the Republic of Turkey on Thursday held its key interest rate at 19% despite fears that new governor and low interest rate champion Şahap Kavcıoğlu would cut rates. But despite the policy move, investor anxieties remain.

Most market participants polled by GlobalCapital had expected Kavcıoğlu to hold rates.

The key policy rate, the one week repo rate, was kept at 19% following last month’s 200bp rate hike by recently ousted central bank chief Naci Ağbal.

Since November, the central bank’s monetary policy committee (MPC) has implemented 875bp of ...

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