ECONOMICS - Turkish Central Bank's rate hike may hit growth: Moody’s:
"Turkey’s interest rate hike will alleviate some of the pressure on its sovereign creditworthiness and help curb lira volatility but will hurt its economic growth prospects, rating agency Moody’s said on Jan. 31.
“While the central bank’s action contains the country’s currency volatility, reduces financial stress in the economy and thus limits the likelihood of a balance-of-payments crisis, it comes at the cost of significantly weakening Turkey’s economic growth prospects,” Moody’s said in a statement.
Turkey’s Central Bank raised all its key interest rates at an emergency policy meeting on Jan. 29, ignoring opposition from Erdoğan as it battled to defend the lira following its fall to a series of record lows."
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