Turkey’s central bank has raised its key interest rate by an aggressive 7.5 percentage points, in a new sign of a return to more traditional economic policies.
A man pulls a trolley with goods in a street market in Eminonu commercial district in Istanbul, Turkey, Wednesday, Aug. 23, 2023. – Turkey’s central bank raised its key interest rate by an aggressive 7.5 percentage points on Thursday, in a new sign of a return to more traditional economic policies under President Recep Tayyip Erdogan.
The bank hiked its policy rate to 25% as it continued to backtrack from a rate-cutting course set by Erdogan, which has been blamed for inflaming a cost-of-living crisis. Many households have been leftErdogan has long argued that lowering interest rates helps fight inflation, a theory that runs contrary to traditional economic thinking.to bring consumer prices rises under control following the COVID-19 pandemic and Russia’s war in Ukraine.
The team includes former Merrill Lynch banker Mehmet Simsek, who returned as finance minister, a post he held until 2018, and Hafize Gaye Erkan who took over
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