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.

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