Turkish central bank raises rates above market expectations

MPC hints it may be near end of tightening cycle despite continuing high inflation

The Central Bank of the Republic of Turkey
Photo: CBRT

Turkey’s monetary policy committee (MPC) raised its main rate today (November 23) to combat continuing high inflation. The move was significantly larger than financial markets had expected.

The Central Bank of the Republic of Turkey’s MPC increased its benchmark one-week repo rate by 500 basis points to 40%, its sixth consecutive hike. Many analysts had predicted the committee would raise the rate by only 250bp.

The central bank’s statement hinted strongly that it was close to the end of its

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