By Muhammed Ali Gurtas
Turkish Central Bank on Thursday hiked its one-week repo rate by 625 base points.
In a statement, the bank’s Monetary Policy Committee said the policy rate was increased to 24 percent, up from 17.75 percent.
According to Anadolu Agency’s survey on Monday, a group of 17 economists expected a rise in one-week repo rate with a median of 425 base points, i.e. 4.25 percentage points.
The next two Monetary Policy Committee meetings are to be held on Oct. 25, and Dec. 13.
“Recently released data indicates a more significant rebalancing trend in the economic activity,” the bank said.
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