Turkey hikes interest rates

Baku. 24 November. REPORT.AZ/ A move to contain depreciation of Turkish lira against U.S. dollar, Turkey's Central Bank increased its benchmark one-week repo rate by 50 basis points from 7.5 percent to 8 percent at the Monetary Policy Board (PPK) meeting on Thursday, while the upper band of the interest rate corridor (marginal funding rate) was increased by 25 basis points to 8.50 percent. Report informs citing the Turkish media.

Report informs, the lower upper band of the interest rate corridor remained unchanged at 7.25 percent.

U.S. dollar tumbled below 3.37 against Turkish lira after the Central Bank of the Republic of Turkey's (CBRT) decision, which set another historic high at 3.42 earlier in the day.

However, after the European Parliament's decision to temporarily suspend accession talks with Turkey, the rate again jumped over 3.39 level.

In a statement, the CBRT said that $1.5 bn liquidity has been provided to the financial system.