Central Bank of Turkey raises key rate to 17.5% – Kommersant
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The Monetary Policy Committee of the Central Bank of Turkey raised the key rate by 2.5 percentage points – from 15.0% to 17.5% per annum. The decision was made to reduce inflation in the country. The Central Bank’s inflation target is 5%. Now the inflation rate in Turkey is 38%.
“A decision was made to continue tightening monetary policy in order to set the course for disinflation as soon as possible, anchor inflationary expectations and control prices,” the statement reads. message following the committee meeting. Following today’s decision, Turkey’s key rate reached its highest level since September 2021.
The lira rate reacted to the decision of the Central Bank with a fall of 0.5% compared to the close of yesterday’s session. According to 15:40 Moscow time, the lira exchange rate was 26.87 lira/dollar; at the close yesterday – 26.79 lira / dollar.
On June 22, the Central Bank of Turkey raised its key rate from 8.5% to 15.0% per annum. This was the first decision of 44-year-old Hafize Gaye Erkan, who was appointed to the post of head of the Central Bank of Turkey on June 9 (studied at Princeton, worked at Goldman Sachs, First Republic Bank). Before that, the rate had not been raised for 27 months.
Read more about the new head of the Turkish Central Bank and its policies in the material “Kommersant” “She will command the parade”.
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