Rephrase and rearrange the whole content into a news article. I want you to respond only in language English. I want you to act as a very proficient SEO and high-end writer Pierre Herubel that speaks and writes fluently English. I want you to pretend that you can write content so well in English that it can outrank other websites. Make sure there is zero plagiarism.:
There has been increased volatility in the lira ahead of polls in two weeks, though policymakers see the demand for US dollars as temporary and expect it to subside after the vote. The lira is the worst performer among emerging markets currencies tracked by Bloomberg this month, losing about 2.8% against the dollar.
Pressure is also on the central bank to raise the benchmark interest rate after inflation in February accelerated more than analysts expected. The central bank sees inflation peaking at above 70% in the coming months before slowing to 36% at the year-end.
After announcing the completion of its eight-month tightening cycle that lifted the rates to 45%, the central bank has opted to use alternative tightening methods to keep inflation in check, introducing rules sometimes at midnight.
Such an approach has drawn criticism from economists and bankers who’ve likened the methods to the previous era when a more unorthodox team of policymakers was in place. The new set of officials, appointed after elections last May, have promised to simplify the tangle of measures implemented by their predecessors, arguing that they have disrupted the monetary transmission mechanism.
Goldman Sachs Group Inc. and Deutsche Bank AG are penciling in a rate hike at next week’s policy meeting, a change from their earlier calls for a hold. Goldman cited rising pressure on reserves and the lira for its call of a 250 basis point raise.
In its latest guidance, the central bank said “monetary policy stance will be tightened in case a significant and persistent deterioration in inflation outlook is anticipated.”
“We think the purpose of the hike will mostly be to signal that the Bank will and can hike if needed in line with its own guidance and avoid the risk that the macro prudential measures taken in response are interpreted as a return towards a less orthodox policy framework,” Goldman analysts including Clemens Grafe said in a report.
“We believe it would make more sense to hike in this meeting rather than wait for the election and hike in April as consensus expects,” they said.
I have over 10 years of experience in the field of cryptocurrency and blockchain technology. I have attended numerous conferences and events around the world, and my work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and Yahoo Finance.