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Erdoğan had said 'Look how far we've come'! Interest rates have risen above their level from 11 years ago!

With the CBRT's latest rate hike decision, the policy rate has increased by 500 basis points to 50 percent. Following the decision, the words of President and AKP Chairman Recep Tayyip Erdoğan from 11 years ago, "Look how far we've come..." came to mind.

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The Central Bank of the Republic of Turkey (CBRT) has increased its one-week repo auction rate, which is the policy rate, by 500 basis points to 50 percent. 

Expectations were for the Central Bank to keep the interest rate constant ahead of the elections.

President and AKP Chairman Recep Tayyip Erdoğan's "nas" (religious decree) economic policy comes back to the agenda after every decision.

"LOOK HOW FAR WE'VE COME..."

Most recently, a tweet posted by Erdoğan on April 30, 2013, has returned to the agenda.

Emphasizing the interest rate cuts that began during that period, Erdoğan criticized the era before him and shared the following tweet: “When we took office, the interest rate was 47 percent. We all see how far we have come.”

Thus, the latest interest rate decision has even exceeded the rate Erdoğan had criticized.

Here is that post: