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Turkey: Did TCMB finally turn hawkish?

Posted by admin
Mei 28, 2008

The Turkish central bank (TCMB) has announced that it has raised its key policy rate by 50bp to 15.75% - in line with the consensus expectation, but less than our expectation of 100bp. The TCMB has finally realised the need for a tighter monetary stance following its aggressive easing during H2 07, where it lowered its key rate from 17.50% to 15.25% amid the peak of the global credit crisis.

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