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Turkey's leadership scrambles to regain investor confidence in its monetary policy
Turkey may have made a long overdue move to raise interest rates in an attempt to rescue its plummeting national currency, but investors are still in doubt over the independence of its central bank ahead of national elections in June. On Friday, aiming to allay market fears over its monetary policy and rising inflation, Turkish Deputy Prime Minister Mehmet Simsek announced that the country would not step back from a rules-based economy and that its central bank would "deliver additional reaction if needed," hinting at further rate hikes. The central bank on Wednesday convened an extraordinary meeting to hike rates ... (full story)