Turkey’s monetary tightening supports lira amid EM weakness
Turkish policymakers surprised investors by tightening monetary conditions on Wednesday, helping to support the lira on a day of widespread weakness across emerging market currencies and prompting some to rethink their pessimism towards the country. While the Turkish central bank kept its main interest rates unchanged, it defied expectations by raising the late liquidity lending rate by 50 basis points. Describing the move as “a hawkish surprise”, […]