Turkish central bank hikes interest rates to 24%

16 September, 2018, 14:58 | Author: Mary Valdez
  • The president will oversee financing for large state development projects

His comments came a day after Turkey's Central Bank hiked interest rates by 625 basis points, to 24 percent on short-term lending. The Chinese yuan traded offshore slipped to 6.88 per dollar from a high of 6.84 earlier in the session.

Independent experts say the rate hike is desperately needed to contain rising inflation of about 18% and to buttress the lira.

"Yesterday the central bank has carried out the very much talked about interest rate hike and did this at a very high level", he said.

There is also alarm over the direction of monetary policy under Erdogan who has railed against interest rates as "the mother and father of all evil". We will now see its outcome.

"The lira will live below stress in the arrival months owing to tightening global liquidity conditions and tensions between Turkey and the USA", stated Agathe Demarais, Turkey analyst at the Economist Intelligence Unit.

The lira's rally TRY= comes after a more than 40 percent slump against the dollar this year, caused in part by a diplomatic disagreement between Ankara and Washington.

Brunson's detention saw U.S. President Donald Trump impose trade tariffs on Turkey, which triggered August's collapse in the lira.

The Turkish currency has plunged some 40 percent against the dollar this year while annual inflation has jumped to almost 18 percent and economic growth has slowed to an annual rate of 5.2 percent.

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The decision to raise interest rates appears to underline the bank's independence, but Erdogan's preceding speech denouncing interest will loom over the markets, sowing worry that he will soon exert his already outsized influence on the country's economy once more.

Some analysts predict that the decree on property transactions could have a negative impact on property sales in Turkey, especially by overseas investors.

"There could be extraordinary and must-do investments, that's another issue, but apart from this, we will start looking [at investments]", Erdoğan said.

"With the current volatility, you have some settlement concerns, the days between when the deal was agreed and the final few days for it to go through".

President and Justice and Development Party (AKP) Chair Recep Tayyip Erdoğan spoke at the extended provincial chairs meeting of the AKP today (September 14).

"The bank also said it was returning to funding via one-week repos from Friday, having funded the market at an overnight lending rate of 19.25 percent for the last month".

Erdogan is known for strongman tactics, including the jailing of tens of thousands of people after a failed coup attempt in 2016. This equated to US$3 billion worth of dollar-equivalent gold liquidity, it said in a statement.

The fund's other assets include the state's minority 49.12-per-cent shareholding in flag carrier Turkish Airlines, as well as state-owned enterprises such as the PTT Turkish post office.



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