The Central Bank of Turkey raised the discount rate from 40% to 42.5% – Kommersant

The Turkish Central Bank raised the key rate from 40% to 42.5%. This is the seventh rate increase since the end of June this year. Then she was promoted for the first time in more than two years.

IN press release The regulator said that inflation in November was in line with forecasts. The Central Bank of Turkey, as stated in the report, slowed the pace of tightening monetary policy due to the improvement in the situation in financial markets, the growth of foreign exchange reserves and an increase in demand for assets in the national currency.

Inflation in Turkey in November amounted to 62%. In the third quarter of 2023, as previously reported by the Turkish Central Bank, it exceeded forecasts and reached 70%. On November 23, the regulator raised the key rate from 35% to 40%.

On June 22, the Turkish Central Bank raised the key rate for the first time since February 2021 – from 8.5% to 15.0% per annum. This was the first decision of Hafize Gaye Ercan, who was appointed head of the Turkish Central Bank on June 9.

On tightening monetary policy – in material “Kommersant” “Turkish headquarters rushed to new heights.”

Petr Buzlaev