Turkey’s central bank keeps key rate at 8.5%
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The Central Bank of Turkey has kept its key rate at 8.5%. The regulator made the corresponding decision against the backdrop of inflationary expectations, which intensified due to the devastating earthquake in the country.
“We have seen improvements in inflation and related trends. At the same time, the impact of the imbalance in supply and demand provoked by the earthquake on inflation is carefully monitored. Support for employment and industrial production growth, as well as financial support became even more important after the earthquake,” the Turkish Central Bank said in a statement. press release.
The current position in the field of monetary policy, the regulator believes, is sufficient to support the recovery after the earthquake. It will help maintain price stability and financial stability, the Central Bank of Turkey is sure.
The economic crisis, which began in the country in 2021, only intensified in 2022 – the country recorded the highest inflation rate in the last 20 years. Already on March 16, 2023, the Turkish lira exchange rate is a record collapsed against the dollar (up to 19.02 lira per unit of US currency). Another negative factor for the Turkish economy was the earthquake in the country.
Read more about the impact of disasters on the Turkish economy in the material “Kommersant FM” “The Natural Consequences”.
On the night of February 6, earthquakes of magnitude up to 7.8 occurred in Turkey and Syria. Thousands of houses collapsed in several cities, more than 20 thousand people died. Turkey has the highest level of alert. Shots from the scene – in the photo gallery “Kommersant”.
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