Turkey’s central bank has raised its key interest rate by 5 percentage points, resuming a policy of rate hikes aimed at combating soaring inflation that is causing households severe economic pain.
Don’t miss out on these fabulous Insider DealsPeople carry goods in Eminonu trade neighbourhood in Istanbul, Turkey, Wednesday, March 20, 2024. Turkey's central bank raised its key interest rate by 5 percentage points on Thursday, resuming a policy of rate hikes aimed at combating soaring inflation that is causing households severe economic pain.
“Tight monetary stance will be maintained until a significant and sustained decline in the underlying trend of monthly inflation is observed,” the bank said. President Recep Tayyip Erdogan is a long-time proponent of an unorthodox economic policy of slashing interest to tame inflation — a theory that runs contrary to conventional economic thinking. A series of rate cuts by the central bank spurred double-digit inflation and a currency crisis until Erdogan reversed course following his re-election in May and appointed a new economic team.
“Although the end of the tightening cycle was declared in January, the Turkish central bank was forced to lift the one-week repo rate from 45% to 50% despite local elections looming,” Bartosz Sawicki, a market analyst at Conotoxia, wrote in an emailed note.
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