Emerging Europe Economics

Emerging Europe Economics Update

24 July, 2018

Turkish central bank bows to Erdogan

The Turkish central bank’s decision to leave its one-week repo rate unchanged at 17.75%, when most had expected at least a 100bp hike, suggests that President Erdogan is already using his strengthened position to influence monetary policy. The lira has sold off following the decision and another emergency rate hike now appears to be on the cards.

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