As illustrated by the 1% appreciation in the currency (chart), the Turkish central bank surprised many by hiking interest rates by 200 basis points to 10.25%. Views range from the central bank standing up to political pressure to the government worrying that the Lira was on the verge of a disorderly depreciation. What happens next policy-wise will be key to meaningfully and durably improving the exchange rate market dynamics. #economy #markets #currency #Turkey #lira #fx #foreignexchange #centralbanks …see more