Hakan Kara's 'overnight interest rate' commentary: 'It created operational flexibility'

Former CBRT Chief Economist Hakan Kara criticized the overnight interest rate following the Central Bank of the Republic of Turkey's (CBRT) Monetary Policy Committee (MPC) meeting decision to set the interest rate at 50 percent. Kara stated that the interest rate, which was increased by 500 basis points, is effectively 53 percent.

Don't leave your news choices to an algorithm - decide for yourself what you read. Add 12punto to your preferred sources! Don't leave your news to an algorithmYou decide which source to read; add 12punto to your preferred sources.

Hakan Kara's 'overnight interest rate' commentary: 'It created operational flexibility'

The Central Bank of the Republic of Turkey (CBRT) increased the interest rate by 500 basis points to 50 percent following the Monetary Policy Committee (MPC) meeting held last week. The Central Bank also set the overnight interest rate at -/+ 300 basis points.

Former CBRT Chief Economist Hakan Kara criticized the overnight interest rate via his X account. Kara stated, "Over the last two days, the overnight market interest rate has been hovering at the 53 percent level."

Kara's post is as follows:

"The Central Bank raised the interest rate to 50 percent and created operational flexibility to effectively raise it up to 53 percent. Over the last two days, the overnight market interest rate has been hovering at the 53 percent level."

The Central Bank raised the interest rate to 50 percent and created operational flexibility to effectively raise it up to 53 percent. Over the last two days, the overnight market interest rate has been hovering at the 53 percent level. pic.twitter.com/eDwXoGKd9C
— Hakan Kara (@ali_hakan_kara) March 26, 2024