Turkey: CBRT Opted to Regain Flexibility

Summary

The Central Bank (CBRT) kept one-week-repo rate at 8% but raised O/N lending rate to 9.25% from 8.5% and late liquidity window (LLW) rate from 10% to 11%. The increases in O/N lending and LLW rates were in line with market consensus, however, not delivering a hike in the one-week repo rate was surprising for the markets.

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