The Turkish Central Bank has shockingly raised Interest Rates
The Turkish central bank announced today a surprisingly large increase in its main interest rate - by 7 and a half percentage points to 25 percent.
This is the highest level of the interest rate since 2019 and its sharpest jump in the three months during which Turkey's economic policy has been led by a market-oriented team, led by President Recep Erdogan's re-election appointments Central Bank Governor Hafize Erkan and by Finance Minister Mehmet Simsek.
Last month, annual inflation in Turkey reached nearly 48 percent because of the billions of dollars in social spending that Erdogan is making in keeping with his campaign promises.
Today Erdogan stated that a positive effect of the taken anti-inflationary measures is already being felt
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