Breaking News: CBRT raises policy rate to 24% from 17.75%

The Central Bank of the Republic of Turkey (CBRT) announced its decision to hike its policy rate by 650 to 24% from 17.75% to surpass markets' expectation of 22%.

With the initial market reaction to the announcement, the USD/TRY pair fell to 6 and was last seen down 4% on the day at 6.08.