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Central Bank of Turkey raises discount rate to 35%

The Monetary Policy Committee made this decision to achieve deflation more quickly.

The Central Bank of Turkey raised its key discount rate from 30 to 35%. This was stated in the regulator’s press release published on October 6.

It was noted that the decision aims to “accelerate the achievement of deflation, consolidate inflation expectations and contain the deterioration of price behavior.”

At the same time, it was noted that “in the third quarter, inflation was higher than expected.”

We remind you that until June 2023 the key rate remains at 8.5%. According to Turkey’s political leadership, its preservation should have prevented inflation, but it did not.

Prices continued to rise, and the national currency depreciated. Therefore, on June 22, the regulator raised the rate to 15% for the first time in more than two years, and then did it three times.

In the past five months, Turkey’s national currency has fallen by more than 30% against the dollar. In October, the country’s currency reached a historic low against the dollar, exceeding 28 lira per dollar.

Let’s remember that at the end of 2021, Turkey was hit by a large-scale currency crisis.

The NBU announced a sharp reduction in the discount rate
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Source: korrespondent

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