Turkey hikes interest rate to 40% in bid to curb double-digit inflation:
Inflation in Turkey hit an eye-watering 61.36% last month.
euronews.com/2023/11/24/turkeys-central-bank-hikes-interest-rate-to-40-in-effort-to-beat-back-double-digit-inflati
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Turkey’s central bank raises key rate to 40%The sixth consecutive increase came after inflation reached 61.36% the previous month.
Key FactsNov 24, 2023 · Reading time: ~45 sec.
Summary created with AI assistance · Source: euronews.com
Summary created with AI assistance · Source: euronews.com
- The central bank raised its policy rate by five percentage points to 40%, marking the sixth consecutive increase.
- Turkish households are increasingly struggling to make ends meet as the costs of basic goods rise.
- According to the report, the policy shift departs from Erdoğan’s previous low-rate approach, which is linked to a currency crisis and higher living costs.
- Since Hafize Gaye Erkan became governor in June, the key rate has risen from 8.5% to 40%; the bank now expects the tightening pace to slow and the cycle to end soon.
"The current level of monetary tightness is significantly close to the level required to establish the disinflation course," the bank stated.— Statement by the Central Bank of the Republic of Turkey (the bank) regarding its monetary tightening and disinflation strategy.
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Turkey's central bank raises interest rates to 40%: Turkey has been hit with soaring prices, but its president has only recently allowed rate hikes.
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