Erdogan Allows Another Rate Hike At Critical Juncture For Turkey

"[We've] decided to implement a front-loaded and strong additional monetary tightening"... is something you don't hear everyday from Turkey's central bank. But traders heard it on Thursday, as CBT hiked by 200bps, considerably more than expected. The move marked a continuation of Governor Naci Agbal's efforts to restore faith in local monetary policy, a tall order considering Recep Tayyip Erdogan's famous aversion to rate hikes. Erdogan shook things up in November when Turkey looked poised to

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