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Published 2 months ago

Turkey’s central bank hikes interest rates again in further shift in economic policies

  • Turkey's central bank has raised its key interest rate to 30% in its battle against double-digit inflation. This move comes after the country's currency, the lira, has lost 78% of its value against the dollar in the last five years.
  • In June, Turkish President Erdogan appointed policymakers who vowed to implement orthodox economic policies to combat inflation. Despite Erdogan's opposition to raising interest rates, the central bank has aggressively raised rates multiple times. However, Turkey still has work to do to catch up with other central banks in controlling inflation.
  • Economists argue that Erdogan's unorthodox policies have exacerbated economic turmoil, leading to currency depreciation and increased living costs for households. Erdogan, on the other hand, insists that his economic model stimulates growth, exports, and employment.
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