KXIP vs KKR Live Score

Late on Thursday, Finance Minister Berat Albayrak told pro-government newspaper Sabah that the central bank's move had put an end to any discussions about the bank's independence, and said Turkey would unveil its medium-term economic program on September 20.

The World Bank and International Monetary Fund repeatedly have called on Ankara to rein in spending, which they say is fueling inflation.

A sharp interest rate increase by Turkey's central bank to support a tumbling lira boosted risk appetite in emerging markets.

Benchmark 10-year Treasury notes hit the psychologically significant 3 percent level for the first time in more than a month as prices on US government bonds fell on economic data that seemed solid enough to support plans by the Federal Reserve to raise rates another two times in 2018.

The weighted cost of funding as of Tuesday was 19.25 per cent and the median forecast in a Bloomberg survey is for a 325-basis-point hike in the one-week repo rate to 21 per cent on Thursday.

"Central Bank has announced the inflation rates for the last 16 years, but the rates have never materialized as they have declared".

Analysts have called for Turkey to hike its key interest rate by as much as 10% to combat inflation, which is running at 16%.

In such a scenario, the bank would raise the other two rates of the interest-rate corridor: the overnight lending rate and late liquidity window (LLW) rate.

Brunson's detention saw U.S. President Donald Trump impose trade tariffs on Turkey, which triggered August's collapse in the lira.

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Phoenix Kalen at Societe Generale said the market was both pleased and confused by the bank's move. "If you say 'inflation is cause, the rate is the result", you do not know this business, friend, ' he added.

The announcement in the government's official gazette stated that current agreements in foreign currencies must be changed to lira in 30 days, putting an end to deals in dollars and euros.

Economist Demir says, though, that the situation could have been far worse.

Economists have warned of a possible recession in Turkey after a slowdown in the second financial quarter of 0.9 percent, compared to 1.5 percent in the first quarter of this year.

The last few months maintain been nothing in need of a curler coaster toddle for Turkish sources, which maintain viewed a broad sell-off thanks to investor fears over the central bank's independence and a diplomatic strive towards between Turkish President Recep Erdogan and Washington.

"Accordingly, the Committee has made a decision to implement a strong monetary tightening to support price stability", it said.

Erdogan has cast the lira crisis as an "economic war" targeting Turkey and has repeatedly urged Turks to sell their dollar savings to shore up the lira.

In a separate development, Erdogan issued a decree that contracts in the country's property market must be made in lira.