MARKET WRAP: Rand unspared in currency rout after Turkey slashes rates
JSE fell the most in a month, tracking mostly weaker global markets as a possible default by Chinese property giant Evergrande weighed on sentiment
21 October 2021 – 19:06
The rand and other emerging market currencies fell in sympathy with Turkey’s lira, which plummeted to a record low, after country’s central bank announced a sharp cut in its benchmark interest rate on Thursday.
The Central Bank of the Republic of Turkey (CBRT) slashed its policy rate by 200 basis points to 16%, despite rising inflation and a fast-depreciating currency, which economists viewed as confirmation of the bank’s loss of independence…
Source: businesslive.co.za
