The Central Bank of Turkey raised the key rate to 35% – Kommersant
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The Turkish Central Bank increased the discount rate from 30% to 35%. This is the fifth rate increase since the end of June this year, when it was decided to change the leadership of the Turkish Central Bank.
“The policy of monetary containment will continue to quickly achieve a disinflationary trajectory, consolidate inflation expectations and control the deterioration of pricing,” it said. message regulator
Inflation in Turkey in the third quarter exceeded forecasts and reached 70%. In October, the Turkish lira rate fell to a historical low and exceeded 28 lira/$. The Central Bank’s target for inflation is 5%; the Turkish regulator plans to bring it to this level with the help of “strict regulatory measures.”
In June, the Central Bank of Turkey was headed by Hafize Gaye Erkan – she became the first woman in this position (she studied at Princeton, worked at Goldman Sachs). After two weeks of her work at the post, the headquarters in Turkey was increased from 15% to 17% per annum. Before her appointment, the rate in Turkey had not been increased for 27 months.
Read more in the Kommersant article. “The Turkish rate has rushed to new heights”.
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