According to Taiwan's “Central” 26th day, in order to combat inflation, the Central Bank of Turkey today substantially raised the policy interest rate, which was the fifth consecutive month in Turkey.
According to Agence France Presse (AFP), the Turkish Central Bank claimed that it had raised the interest rate on major loans from 30 to 35 per cent because “inflation data were higher than expected” over the past three months.
The official rate of annualized inflation in Turkey, which reached a high of 85 per cent last October, fell to just over 60 per cent last month.
Turkish President Erdoğan has repeatedly expressed his opposition to interest-rate hikes against inflation, but after he abandoned or at least set aside his opposition position, the Turkish Central Bank has increased interest rates for five consecutive months, increasing policy rates by more than four times the original level.