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https://addons.mozilla.org/en-US/firefox/addon/media-bias-fact-check/
- Consider including the article’s mediabiasfactcheck.com/ link
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This is the best summary I could come up with:
The hawkish move came 10 days before local elections and was seen by analysts as a signal that the central bank was independent from any political constraints and determined to tackle price rises.
The bank has now raised its key one-week repo rate by 41.5 percentage points from 8.5% since last June, after Recep Tayyip Erdoğan’s victory in May presidential elections and U-turn towards greater orthodoxy in economic policy.
The “tight monetary stance will be maintained until a significant and sustained decline in the underlying trend of monthly inflation is observed, and inflation expectations converge to the projected forecast range”, the bank said.
Piotr Matys, the senior FX analyst at InTouch Capital Markets in London, said the rate hike “stunned the market”, adding: “Today’s decision is a very strong signal that Governor [Fatih] Karahan, who took over from [Hafize Gaye] Erkan when she unexpectedly resigned, is determined to bring staggeringly high inflation under control.”
Inflation rose to a higher than expected 67% in February when the central bank had held rates steady after a sustained string of hikes since June.
Though inflation is expected to dip around mid-year, the recent lira slide coupled with declining foreign reserves had raised some expectations of more rate hikes ahead – though not until after municipal elections on 31 March in which Erdoğan’s AK party is hoping to win back key cities such as Istanbul.
The original article contains 355 words, the summary contains 231 words. Saved 35%. I'm a bot and I'm open source!