Turkey: TCMB leaves rate unchanged
The Turkish central bank (TCMB) has decided to leave its borrowing rate unchanged at 16.75%, in line with most observers' expectations. TCMB also announced that it has cut its lending rate by 100bp to 19.25%, to limit volatility in short term rates. The decision follows a day in which the lira fell sharply against the dollar, as equity markets plummeted and bond yields rose to a two-year high amid declining appetite for risk in Emerging Markets. The lira extended its losses after the rate
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