The lira is going wild after the Turkish central bank defied Erdogan and hiked interest rates

The lira is going wild after the Turkish central bank defied Erdogan and hiked interest rates

Turkey’s central bank raised its interest rate to 24% from 17.75% on Thursday, beating market forecasts. Earlier in the day, Turkish President Erdogan stoked fears that the central bank’s independence could be under threat by calling for low interest rates. The lira is surging against the dollar as a result, with a swing of 4% from negative to positive. LONDON – The Turkish lira was surging against the dollar on Thursday after the country’s central bank defied the wishes of the president and hiked interest rates.

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