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Central Bank of Turkey Raises Interest Rates by 500 Basis Points to Support Turkish Lira

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Central Bank of Turkey Raises Interest Rates to Support Turkish Lira

Today, the Central Bank of Turkey made the decision to increase the interest rate by 500 basis points from 25% to 30% per annum. The purpose of this decision is to provide support to the Turkish lira.

Background

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This decision was made during a meeting of the central bank’s monetary policy committee, which is led by bank president Hafiza Gaya Arkan. The meeting took place on Thursday.

In August 24, Turkey’s central bank surprised markets and analysts by raising interest rates from 17.5% to 25%. This recent decision further increases the interest rates to 30%.

More updates will follow regarding this matter.

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