Turkish central bank announces large rate rise

The Central Bank of the Republic of Turkey
Photo: CBRT

Turkey’s central bank raised its policy rate again today (March 18), as its newly-appointed governor continues attempts to curb rising inflation.

The Central Bank of the Republic of Turkey’s seven-member monetary policy committee (MPC) raised its one-week repo rate by 200 basis points, from 17% to 19%. The MPC has raised the policy rate by 875 basis points in the four months since Naci Ağbal was appointed governor by president Recep Tayyip Erdoğan.

Ağbal chairs the MPC and appears to have

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