USD/TRY: Turkish lira rally gains momentum after CBRT rate hike

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The Turkish lira spiked against major currencies after the country’s central bank hiked interest rates for the first time in three months. The USD/TRY price dropped by as much as 2% while the GBP/TRY and EUR/TRY dropped by 2.2% and 2.5%, respectively. Turkish central bank hikes interest rates The Turkish central bank delivered its interest rate today, meeting analysts’ forecasts. For the first time in three months, the bank decided to increase the one-week repo rate from 10.25% to 15%, the biggest increase in years. It also increased its overnight borrowing rate from 8.75% to 13.50% and the lending rate

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