{"id":17647,"date":"2018-09-13T16:33:23","date_gmt":"2018-09-13T16:33:23","guid":{"rendered":"https:\/\/allworldsnews.com\/economy\/turkey-raises-interest-rates-to-24-in-new-bid-to-boost-lira\/23"},"modified":"2018-09-13T16:33:23","modified_gmt":"2018-09-13T16:33:23","slug":"turkey-raises-interest-rates-to-24-in-new-bid-to-boost-lira","status":"publish","type":"post","link":"https:\/\/pornvas.com\/?p=17647","title":{"rendered":"Turkey raises interest rates to 24% in new bid to boost lira"},"content":{"rendered":"<div class=\"b-article-ext\"><img loading=\"lazy\" decoding=\"async\" alt=\"Turkish lira\" src=\"http:\/\/allworldsnews.com\/wp-content\/uploads\/2018\/09\/turkey-raises-interest-rates-to-24-in-new-bid-to-boost-lira-5b9a91526478e.jpg\" width=\"976\" height=\"549\"\/> Image copyright Getty Images <\/p>\n<p>The lira has risen against the dollar after Turkey&#8217;s central bank hiked interest rates to 24% on Thursday &#8211; the biggest increase in President Tayyip Erdogan&#8217;s 15-year rule.<\/p>\n<p>The hefty 6.25 percentage point rise is the bank&#8217;s latest attempt to stem the currency&#8217;s collapse.<\/p>\n<p>The lira is down 38% against the dollar this year despite Thursday&#8217;s slim gain.<\/p>\n<p>The move came despite Mr Erdogan repeating his opposition to high interest rates earlier in the day.<\/p>\n<p>He has repeatedly blamed the central bank for high inflation, which hit almost 18% last month, its highest level since 2003.<\/p>\n<p><img decoding=\"async\" width=\"100%\" src=\"http:\/\/allworldsnews.com\/wp-content\/uploads\/2018\/09\/turkey-raises-interest-rates-to-24-in-new-bid-to-boost-lira-5b9a91529db3d.jpg\"> Image copyright Getty Images Image caption President Erdogan has blamed Turkey&#8217;s central bank for high inflation <\/p>\n<p>Phoenix Kalen at Societe Generale said the market was both pleased and confused by the bank&#8217;s move.<\/p>\n<p>&#8220;It almost seems like it&#8217;s a game of &#8216;good cop, bad cop&#8217; being played out between the Turkish authorities &#8211; with President Erdogan on the one hand still making statements regarding his dislike of interest rates and&#8230; a very sizeable reaction from the central bank in response to the recent inflationary and geopolitical developments,&#8221; she said.<\/p>\n<p>Brett Diment at Aberdeen Standard Investments said raising rates would put &#8220;Turkey on the slow road to recovering some monetary policy credibility, and that is critical&#8221;.<\/p>\n<p>Piotr Matys at Rabobank said Turkey also needed to resolve its trade dispute with the US and rebalance the economy away from big infrastructure projects and consumer spending.<\/p>\n<p>The central bank surprised investors by not raising rates when it last met in July. <\/p>\n<p>That decision sent the lira tumbling by a quarter and prompted Turkish authorities to impose a series of measures intended to support the currency.<\/p>\n<p>On Thursday Turkey banned the use of foreign currencies in the country&#8217;s property market. <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Image copyright Getty Images The lira has risen against the dollar after Turkey&#8217;s central bank hiked interest rates to 24% on Thursday &#8211; the biggest increase in President Tayyip Erdogan&#8217;s 15-year rule. The hefty 6.25 percentage point rise is the bank&#8217;s latest attempt to stem the currency&#8217;s collapse. The lira is down 38% against the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17644,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[128],"tags":[768,1469,799,1161,236],"class_list":["post-17647","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-business","tag-economics","tag-interest-rates","tag-recep-tayyip-erdogan","tag-turkey"],"_links":{"self":[{"href":"https:\/\/pornvas.com\/index.php?rest_route=\/wp\/v2\/posts\/17647","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pornvas.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pornvas.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pornvas.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pornvas.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17647"}],"version-history":[{"count":0,"href":"https:\/\/pornvas.com\/index.php?rest_route=\/wp\/v2\/posts\/17647\/revisions"}],"wp:attachment":[{"href":"https:\/\/pornvas.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17647"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pornvas.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17647"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pornvas.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17647"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}