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Türkiye hikes policy interest rate by 750 points

Treasury minister Şimşek said they are determined for ensuring price stability

August 24, 2023
in Economy
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A view of Turkish lira (AA photo)

A view of Turkish lira (AA photo)

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The Turkish Central Bank hiked its policy interest rate by 750 basis points to 25% on Thursday.

The bank’s monetary policy committee decided to continue the monetary tightening strategy in pursuit of disinflation.

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“Recent indicators point to a continued increase in the underlying trend of inflation,” the bank said.

It added, “The strong course of domestic demand, cost pressures stemming from wages and exchange rates, stickiness of services inflation and tax regulations have been the main drivers.”

The bank’s simplification process will continue gradually, it said.

Price stability

Following the decision, Mehmet Şimşek, Türkiye’s minister of treasury and finance, underscored the importance of price stability.

“We are determined! Price stability remains our foremost objective,” he stated in his concise message on X, formerly known as Twitter.

Kararlıyız!

Fiyat istikrarı en büyük önceliğimiz…

— Mehmet Simsek (@memetsimsek) August 24, 2023

By Breaking News Turkey with AA

Tags: Interest ratemehmet simseknewsTürkiye
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