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9/21/2023, 1:30 PM (Source: TeleTrader)
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Turkey's central bank raises interest rate to 30%

The Central Bank of the Republic of Turkey (TCMB) announced on Thursday its decision to hike its key interest rate by 500 basis points to 30%.

According to its official statement, the bank attributed the decision to the high inflation figures registered in July and August. It reaffirmed its commitment to taking inflation back to its target of 5% in the medium term and making necessary moves to achieve that goal.

"The Committee will continue to make its decisions in a predictable, data-driven and transparent framework," the TCMB concluded.

Baha Breaking News (BBN) / JR