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- 📢 #Gate Square Writing Contest Phase 3# is officially kicks off!
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The lira rose after Turkey's central bank raised interest rates
On April 17, the Turkish lira rose after the Turkish central bank raised the policy rate to 46.0% from the previous 42.5%. It also raised the overnight rate from 46.0% to 49% and the overnight rate from 41.0% to 44.5%. Turkey's central bank said it expects monthly inflation in core goods to rise slightly in April due to recent developments in financial markets. The arrest in March of Turkish President Recep Tayyip Erdogan's rival Ekrim Imamoglu led to a sharp sell-off in Turkish assets, including the lira, before Turkey's decision to raise interest rates.