14 January, 2020
The USD/TRY traded higher on Tuesday as the Greenback moved up against a basket of other currencies. The Turkish fell after Turkish industrial production picked up pace in November, growing 5.1% year-on-year, official data showed on Tuesday, as the economy recovers from recession. The Turkish Central Bank will meet on Thursday to set interest rates. Last month, the bank cut its policy rate by 200 basis points to 12%, down from the 24% at which it stood in July before the it began cutting sharply to revive the economy. According to a Reuters poll, eight economists expect it to keep its policy rate steady at Thursday's policy meeting. Six predict a 100 basis point cut to 11% and seven others also expected a rate cut of some sort.