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 | Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. Armenia, Russia discuss life extension of Metsamor nuclear plant Issues regarding the extension of life of the 2nd power unit of the Armenian Nuclear Power Plant were discussed in Yerevan. Armenians stage more campaigns against territorial concessions to Azerbaijan Protesters blocked more roads across Armenia on Friday, April 26 in continuing attempts to scuttle territorial concessions to Azerbaijan. |