Lira Little Changed After Turkish Central Bank Refrains from Rate Cut

The Turkish lira was little changed today after the nation’s central bank made a surprise decision to keep interest rates unchanged.

The Central Bank of the Republic of Turkey left its interest rates without change during today’s policy meeting, including the benchmark Marginal Funding Rate that remained at 8.25%. Almost all analysts polled by Reuters predicted another rate reduction after seven consecutive months of cuts. Additionally, Turkish President Tayyip Erdogan called himself an “enemy” of interest rates just hours before the decision.

USD/TRY ticked down just a little by 0.02% to 3.0608 as of 12:15 GMT today.

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