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Turkish central bank raises interest rates by 500 bps to 30%
The Turkish central bank has just raised its key policy rate by another 500 basis points bringing the one-week repo rate to 30%. That's following a total 1650 basis points increase since July. The raise was in line with overall market forecasts. In June, Turkiye lifted its key interest rate for the first time in more than two years, and after starting on its hiking path, the central bank in July stated its aim to get inflation down to 5% in the medium term. Inflation jumped to 59% in August, and Ankara now expects annual inflation to reach 65% at the end of 2023.
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