2023-07-20 18:33:00
The monetary authorities announced on Thursday that it would rise from 15.0 to 17.5 percent. Economists had expected a stronger increase to 20.0 percent.
Under the new boss Hafize Gaye Erkan, the central bank initiated a trend reversal in the previous month and increased the key interest rate from 8.5 to 15.0 percent. She signaled further steps. Economists expect the key interest rate to rise to 25 percent by the end of the year.
Inflation in Turkey was 38.21 percent in June. The biggest price drivers were food and non-alcoholic beverages, which cost almost 54 percent more than in June 2022. The fight against inflation is made more difficult by the devaluation of the lira. The national currency fell by 30 percent this year alone.
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