Central Bank announces interest rate decision!

The Central Bank of the Republic of Turkey (TCMB) Monetary Policy Committee (PPK) has announced its interest rate decision.

The Central Bank raised the policy rate, which was at 25 percent, to 30 percent with a 500 basis point increase.

Following the appointment of Hafize Gaye Erkan, the Central Bank ended the interest rate cut cycle after 27 months and had increased the policy rate by 16.5 percent in the last 3 PPK meetings.

The policy rate was raised by 650 basis points to 15 percent in June, and by 250 basis points to 17.50 percent in July.

In the meeting held on August 24, the policy rate was increased from 17.5 percent to 25 percent with a 750 basis point hike, which was above market expectations.