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The rand strengthened more than 30c from its intraday low to R12.40 to the USA dollar after Turkey's central bank hiked interest rates by 300 basis points on Wednesday.

A photo illustration shows a $100 banknote against Turkish lira banknotes of various denominations, January 7, 2014.

Recep Tayyip Erdogan has previously described himself as an "enemy of interest rates".

"Current elevated levels of inflation and inflation expectations continue to pose risks on the pricing behaviour", the bank said in the statement.

"Accordingly, the committee made a decision to implement a strong monetary tightening to support price stability", it said.

No announcement, however, has come from the Central Bank or others.

Turkey's central bank raised interest rates at an emergency meeting on Wednesday, bowing to pressure from financial markets after the government's rejection of higher borrowing costs plunged the nation into a currency crisis.

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"The central bank has hiked interest rates several times over the past few years to shore up the currency".

TRT World's Turkey analyst Yusuf Erim explains. A tight stance in monetary policy would be maintained decisively until the inflation outlook displayed a significant improvement, it also noted, while adding that any new data or information may prompt its monetary policy committee to revise its stance.

Pushing his unconventional, contrarian "Erdoganomics" which contends that hiking interest rates actually causes inflation in an emerging economy like that of Turkey, the president last week disturbed the markets by giving a Bloomberg TV interview in London during which he said that should he become the country's first executive president in the coming election he will hold greater sway over monetary policy.

Simsek added that the Turkish Central Bank governor and members of the monetary policy committee have his full backing in doing what is necessary to stem the slide of the lira and achieve price stability. "We have fixed problems in the past, we can do it again".

Meanwhile, Prime Minister Binali Yildirim said the foreign exchange volatility was "temporary", which will not change Turkey's economic growth.

The next scheduled meeting of Turkey's central bank had not been due until June 7 but economists had said an emergency - and substantial - rate hike by the central bank is not only on the cards, but essential. "Thus, we say that this [upward movement in forex rates] is speculative".


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