Lira rallies to lead gains among emerging-market peers
The move may set governor Sahap Kavcioglu on a collision course with the president, who has fired three bank governorsA money changer counts Turkish lira banknotes. Picture: REUTERS/MURAD SEZER
The currency rose as much as 1.2% after the monetary policy committee held its one-week repo rate at 19% for a fifth month as forecast by all 20 analysts surveyed by Bloomberg. The benchmark rate “will continue to be determined at a level above inflation to maintain a strong disinflationary effect until strong indicators point to a permanent fall in inflation and the medium-term 5% target is reached”, the central bank said.
The currency has depreciated about 16% since Kavcioglu’s appointment in March, compounding the rise in consumer prices that have been driven by a weak lira, rising commodity prices and a drought that badly affected harvests.
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