The Turkish Central Bank announced on Thursday a further hike in its one-week benchmark interest rate, increasing it by 500 basis points to 30%, in line with market expectations, confirming its commitment to fight inflation.
This is the second interest rate hike announced by the Turkish Central Bank (TCMB) in less than a month, after the bank announced a record 750-point increase at the end of August, raising the rate from 17.5% to 25%.
“Tight monetary policy and interest rate hikes will continue to be strengthened gradually as long as necessary until a significant improvement in the inflation outlook is achieved,” said in a statement the Monetary Policy Committee of the Turkish Central Bank, which in its latest report estimates that the rise in prices in Turkey will reach a 62% CPI increase by the end of the year.
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Pablo Gómez is a specialist in Turkey and has been editor-in-chief of Hispanatolia since 2011. He has been analysing current affairs and geopolitics in Turkey and the surrounding region since 2006.
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