Turkey shocks with big rate hike to 25%, boosting lira 

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Business & Finance

Reuters was first to report when Turkey’s central bank shocked markets by hiking its interest rate by 750 basis points to 25%, three times the size of the expected tightening. The lira currency immediately rallied more than 7%, bank stocks jumped 8% and dollar bonds gained more than 2 cents. The move was Turkey’s biggest policy surprise in years and marked President Tayyip Erdogan’s clearest step yet toward a more orthodox approach after years of currency crashes and soaring inflation.

Market Impact

The lira currency immediately rallied more than 7%, bank stocks jumped 8% and dollar bonds gained more than 2 cents. 

Article Tags

Topics of Interest: Business & Finance

Type: Reuters Best

Sectors: Business & Finance

Regions: EuropeMiddle East

Countries: Turkey

Win Types: Speed

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Significant National Story

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