Turkey’s lira was barely moving on Thursday ahead of an expected interest rate increase by the central bank, according to Reuters.
The Turkish central bank faces the dual challenge of a sinking lira and spiking inflation, and is expected to raise rates by 175 basis points to 12%. It had unexpectedly increased rates in September.
Concerns over Turkey’s diminishing foreign exchange reserves, coupled with tensions in the Caucasus and Cyprus had pushed the lira to record lows earlier in the month.
Turkish stocks were about 0.3% higher.