Turkish central bank raises rates for first time since 2021

Lira falls despite tightening as finance minister promises “free foreign exchange regime”

The Central Bank of the Republic of Turkey

Turkey’s central bank raised rates in its first monetary policy meeting under its new governor, but its currency still fell sharply on foreign exchange markets.

The Central Bank of the Republic of Turkey (CBRT) raised the one-week repo rate by 650 basis points today (June 22), from 8.5% to 15%. But despite the move, the lira fell steeply to a new low, reaching 24.53 against the US dollar after closing the previous day at 23.48.

Many observers had expected the CBRT to raise rates after newly re

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account