Turkish central bank raises rate by 650 bps to 15% - Breaking The News
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Turkish central bank raises rate by 650 bps to 15%

Economy
Christian Baha / MS

1 min read

EPA-EFE/STR

The Central Bank of the Republic of Turkey (CBRT) announced on Thursday that it will increase its policy rate by 650 basis points to 15%.

The CBRT's Monetary Policy Committee said it "decided to begin the monetary tightening process in order to establish the disinflation course as soon as possible, to anchor inflation expectations, and to control the deterioration in pricing behavior." The committee added that it will work toward an interest rate that will weaken the underlying trend of inflation and push the inflation rate down to its 5% target in the medium term. "Monetary tightening will be further strengthened as much as needed in a timely and gradual manner until a significant improvement in the inflation outlook is achieved," the Turkish central bank pointed out.

Inflation in the country currently stands at 39.59%, after coming down from a peak of 85.51% in October. This was CBRT's first interest rate decision since Hafize Gaye Erkan took over as governor.

monetary policyinterest ratecbrt
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