Central Bank of Turkey keeps key rate at 9%

The Central Bank of Turkey left the key interest rate at 9%. This was reported press office Turkish Central Bank. Against the backdrop of this decision, the value of the lira fell by 0.16%, it is trading at the rate of 18.79 against the US dollar by 14:22 Moscow time.

Since the end of 2021, the Central Bank of Turkey has maintained its key rate at weekly repo auctions at 14%. In the summer of 2022, the rate began to be reduced. By November 2022, the Central Bank of Turkey lowered rate up to 9%, by 150 basis points. By estimated Bloomberg, amid a key rate cut, the Turkish stock market became the most profitable in the world in 2022.

Olesya Pavlenko