Business & Finance
24 August 2023, 10:40 am 1 minute
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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