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Şeref Oğuz's commentary on the CBRT interest rate hike: 'An interest rate chock for the foreign exchange truck'

The Central Bank of the Republic of Turkey (CBRT) increased its interest rate policy by 500 basis points today, bringing it to 50 percent. Şeref Oğuz evaluated the interest rate hike decision on his social media account. Oğuz stated, "Let the foreign exchange truck not jump over the chock on the inflation hill, let it slow down a bit."

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The Central Bank of the Republic of Turkey (CBRT) announced its interest rate policy decision following the Monetary Policy Committee (MPC) meeting held today. The bank increased the interest rate by 500 basis points to 50 percent. Şeref Oğuz evaluated this decision by the Central Bank on his X account. 

Oğuz's post is as follows:

"AN INTEREST RATE CHOCK FOR THE 

FOREIGN EXCHANGE TRUCK WITH BROKEN BRAKES

1-The Central Bank increased the policy rate by 500 basis points to 50%.

2-The goal is to prevent the exchange rate from jumping before the elections.

3-The expectation is that the foreign exchange truck does not jump over the chock on the inflation hill, but slows down a bit.

4-It was a good idea to take a deep breath before diving into the pool. We made interest rates a religious duty and lowered them to 8.5%.

5-It is a bad idea to take a deep breath after diving into the pool. Now the cost of interest will burn."