The Central Bank of Turkey has raised interest rates once again.
The Central Bank of Turkey has increased the interest rate in the country for the umpteenth time in the past five months, raising it by five percent to 35 percent.
In the new policies of Recep Tayyip Erdoğan following his victory in the recent elections, the Central Bank has raised the interest rate from 8.5 percent to 35 percent.
Previously, Mr. Erdoğan’s policy was to lower the interest rate, which led to repeated declines in the value of the Turkish lira and increased inflation in the country.
This policy faced numerous domestic and international criticisms, ultimately leading him to change his economic team in the new cabinet and increase the interest rate.