Central Bank keeps policy rate unchanged
Following the resignation of former Central Bank of the Republic of Turkey (TCMB) Governor Hafize Gaye Erkan, there was much anticipation regarding the interest rate decision at the first Monetary Policy Committee (PPK) meeting chaired by her successor, Fatih Karahan. The statement released after the meeting announced that the policy rate was kept unchanged.
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The Monetary Policy Committee (PPK), meeting for the first time under the leadership of Fatih Karahan, who was appointed following the resignation of former Central Bank of the Republic of Turkey (TCMB) Governor Hafize Gaye Erkan, has reached its interest rate decision.
Accordingly, under the leadership of former Central Bank Governor Hafize Gaye Erkan, who took over the position when the rate was at 9 percent, the interest rate was raised to 45 percent.
The PPK, meeting under Karahan's leadership, kept the interest rate at the 45 percent level.
Thus, the 8-month interest rate hike cycle has come to an end.