Turkish Markets Weaken On Central Bank Reluctance To Raise Rates

Turkey’s financial markets suffered a new blow on Thursday as the country’s central bank unnerved investors by signalling a growing reluctance to raise interest rates and disclosed a further drop in its foreign currency reserves, the Financial Times reported. The monetary policy decision, along with fresh data that show the country’s foreign currency coffers had dropped $1.8bn last week, deepened worries about the country’s deteriorating financial defences. They also fostered fresh doubt in the minds of investors over policymakers’ ability to manage mounting financial and economic challenges in a country facing a sharp economic downturn and elevated inflation. Read more