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Analysts at Rabobank noted that Turkey’s central bank restored at least some of its credibility raising the 1-week repo rate by 625bps to 24% on Thursday.

Key Quotes:

“This decisive hike exceeded our hawkish call for a 500bps move and the consensus expectation for a 325bps hike.

The Turkish lira ended a dramatic session on firmer footing after trading more than 3% lower against the US dollar when President Erdogan reiterated his opposition to higher rates.

Today’s meeting was all about regaining credibility and restoring confidence in the lira amongst investors.

The central bank passed this crucial test with flying colours delivering a proper rate hike.”

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