Bloomberg: Turkish lira sinks to a record lowOctober 22, 2020 - 17:55 AMT PanARMENIAN.Net - The lira sank to a record low after Turkey’s central bank unexpectedly held back from raising its key interest rate, Bloomberg reports. Traders had been holding out for a fresh increase on Thursday, October 22 after policy makers hiked rates at their previous meeting. The currency’s slump of more than 2% -- the biggest decline in emerging markets -- underscored their disappointment as the lira weakened toward 8 per dollar. The Monetary Policy Committee left its key one-week repo rate at 10.25%, a decision forecast by just two of 27 respondents in a Bloomberg survey. At the same time, it raised the upper bound of its interest-rate corridor to 14.75% from 13.25% and doubled the gap with the central bank’s overnight lending rate to 300 basis points. Widening the rates corridor is “a smoke and mirrors trick that is worse than useless if the central bank wants to have an ounce of inflation fighting credibility,” said Nigel Rendell, an analyst at Medley Global Advisors in London. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Erdogan wants “realistic road map” for relations with Armenia Turkish President Recep Tayyip Erdogan has called for a “new realistic road map” for relations with Armenia. Armenia-Azerbaijan: Experts launch work on determining coordinates Expert groups from the countries started the process of determining the coordinates based on geodetic measurements. Yerevan says did not expect CSTO in peacekeeping role Pashinyan has declared that the CSTO would be expected to come to the Armenia-Azerbaijan border as an ally of Armenia Henrikh Mkhitaryan wins Serie A title with Inter Inter Milan midfielder Henrikh Mkhitaryan admits that the team have long been imagining clinching Serie A against AC Milan. |