Turkey’s Central Bank increases policy rate to reach 35 percent
Date
10/26/2023 9:19:08 AM
(MENAFN) The Central bank of the Republic of Turkey on Thursday has surged its policy interest rate by additional 500 basis points to reach 35 percent.
Throughout the course of five monetary policy gatherings, the bank has been progressively rising the rate, also recognized as the one-week repo auction rate, increasing from 8.5 percent 5 months ago (May 2023) to reach a percentage of 35 percent in October 2023.
A Turkish news agency’s research study this week had estimated an incline of 500 points from the Central Bank of the Republic of Turkey.
The Central Bank of the Republic of Türkiye pointed out that "the Committee decided to continue the monetary tightening process in order to establish the disinflation course as soon as possible."
It also highlighted that it is going to carry on its decision making "quantitative tightening" as well as "selective credit tightening" to back the nation’s monetary policy position.
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