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Financial News: Turkey Hikes Interest Rates Sharply

Turkey Hikes Interest Rates Sharply

06/07/2018 - 07:44:00 (RTTNews)

(RTTNews) - Turkey's central bank resorted to a sharp rate hike citing high inflation, after raising the rate by 300 basis points at an emergency meeting late last month.

The Monetary Policy Committee on Thursday decided to increase the policy rate to 17.75 percent from 16.50 percent.

"Despite the mild outlook for demand conditions, elevated levels of inflation and inflation expectations continue to pose risks on the pricing behavior," the bank said in a statement. "Accordingly, the Committee decided to further strengthen the monetary tightening to support price stability."

The bank expressed willingness to tighten the monetary policy further, if needed. The bank said it will continue to use all available instruments in pursuit of the price stability objective.

Tight stance in monetary policy will be maintained decisively until inflation outlook displays a significant improvement, the bank added.

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