Turkey raises interest rate by 650bps to 15%

MG News | June 22, 2023 at 05:10 PM GMT+05:00

0:00

June 22, 2023 (MLN): Turkey’s central bank delivered a large interest rate hike, signaling a shift towards more conventional economic policies to counter sky-high inflation, as reported by AP News.

The bank raised its key rate by 650 basis points, boosting it to 15%.

A significant jump from the current 8.5% is the first since March 2021 and comes after Recep Tayyip Erdogan, president of Turkey appointed two internationally respected officials to head the bank and the finance ministry.

Moreover, the rate hike is an indication that the country is moving away from Erdogan’s unorthodox belief that lowering interest rates fights inflation.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	134,299.77 290.06M	0.39% 517.42
ALLSHR	84,018.16 764.12M	0.48% 402.35
KSE30	40,814.29 132.59M	0.33% 132.52
KMI30	192,589.16 116.24M	0.49% 948.28
KMIALLSHR	56,072.25 387.69M	0.32% 180.74
BKTi	36,971.75 19.46M	-0.05% -16.94
OGTi	28,240.28 6.19M	0.21% 58.78

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	118,140.00	119,450.00 115,635.00	4270.00 3.75%
BRENT CRUDE	70.63	70.71 68.55	1.99 2.90%
RICHARDS BAY COAL MONTHLY	97.50	0.00 0.00	1.10 1.14%
ROTTERDAM COAL MONTHLY	108.75	108.75 108.75	0.40 0.37%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	68.75	68.77 66.50	2.18 3.27%
SUGAR #11 WORLD	16.56	16.60 16.20	0.30 1.85%