Turkish central bank hikes rates in a bid to save tumbling currency


Rate in an attempt to stem, the currency crisis. The bank's policy makers decided on Thursday to increase the rate from seventeen and three quarters to twenty four percent. The Bank says, decided on the strong tightening of monetary policy to limit the threat recent inflation poses to price stability. The market had forecast tightening of about three percentage points. Traders believed the higher than expected. Hike would help stem. The lira's decline. The currency is now recovering. Inflation is rising in Turkey due in part to a currency affect the lower value of the lira translates into higher prices of imports. The collapse in the lira's value came about as the result of a diplomatic row between Turkey and the United States. It's value was down about forty percent this week from the level early this year, Turkish president regime type air to one has been a verse to rate hikes out of fear of an economic slowdown. But earlier this month, the central Bank hinted at a possible rate hike. Feeding market speculation. It would act in that direction. The International Whaling Commission has adopted a

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