The move comes after the bank announced last month that it was pausing the hikes. ANKARA — Turkey’s Central Bank, in a unexpected move, hiked interest rates Thursday by another 500 basis points, from 45% to 50%. The monetary policy committee cited a “higher than expected” surge in the country’s year-on-year inflation last month, which hit almost 70%. The…
Saudi Arabia agreed to deposit $5 billion into Turkey’s central bank through its Saudi Fund for Development, the fund said in a statement Monday. The decision is “a demonstration of the Kingdom of Saudi Arabia’s commitment to supporting Turkey’s efforts to strengthen its economy,” the statement said. The news comes as Turkey struggles with an…
(Bloomberg) — Federal Reserve Bank of Philadelphia President Patrick Harker said he expects the central bank to slow the pace of interest-rate hikes in upcoming months as US monetary policy approaches restrictive levels. “In the upcoming months, in light of the cumulative tightening we have achieved, I expect we will slow the pace of our…