The Turkish Central Bank surprised this Thursday with a drastic rise in interest rates in which it practically doubled its reference interest rate for one week, which has gone from 8.5% to 15%: a rise of 650 basis points that represents the first measure of this type adopted for more than 2 years, in a complete turnaround of the monetary policy followed by the current Turkish president Tayyip Erdoğan, and which comes after he asked the renowned former economy minister Mehmet Şimşek to take charge of the country’s economy again, in order to curb an inflation that – despite the decline in recent months – continues at record figures of around 40%. Recently, Erdoğan also appointed the first woman to head the Turkish Central Bank (TCMB), Hafize Gaye Erkan, with a professional and business profile that has also been welcomed by foreign markets and investors.
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Edited and reviewed by:
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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