Turkey's central bank on Thursday announced the decision to raise the key interest rate from 8.25 percent to 10.25 percent
ANKARA (Pakistan Point News / Sputnik - 24th September, 2020) Turkey's central bank on Thursday announced the decision to raise the key interest rate from 8.25 percent to 10.25 percent.
Last time, the interest rate was adjusted on May 21, from the previous 8.75 to 8.25. The decision has been made amid a significant deprecation of the Turkish lira against the US dollar from 7.34 to 7.70.
"The Monetary Policy Committee (the Committee) has decided to increase the policy rate (one-week repo auction rate) from 8.25 percent to 10.25 percent," the bank said in a statement.
The financial regulator noted higher-than-expected inflation, which prompted it to increase the key rate in order to support price stability and decrease the inflation rate.
