Turkey’s central bank on Thursday hiked its one-week repo auction rate to 15% from 8.5%, saying that policy makers had “decided to begin the monetary tightening process in order to establish the disinflation course as soon as possible, to anchor inflation expectations, and to control the deterioration in pricing behavior.” Economists had expected a large hike following the appointment of Hafize Gaye Erkan as governor earlier this month.
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