ANKARA: Turkey’s central bank on Thursday aggressively raised its main interest rate by 4.75 percentage points after a major economic team shakeup that included President Recep Tayyip Erdogan’s son-in-law giving up his finance ministry brief.
The bank said the one-week repo auction rate would go from 10.25 percent to 15 percent. The Turkish lira gained nearly two percent in value against the US dollar to reach 7.55 moments after the announcement.
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Turkey raises key rate by 4.75 percentage points under new central bank chief