Turkish central bank carries out emergency rate hike as currency falls

central-bank-of-the-republic-of-turkey-2
CBRT

The Central Bank of the Republic of Turkey (CBRT) raised its de facto policy rate, the late liquidity window, by 300 basis points to 16.5% in an extraordinary meeting on May 23.

The move comes after a rapid depreciation of Turkey’s currency and several public statements by Turkish president Recep Tayyip Erdoğan that he intends to take more control of monetary policy. The CBRT last raised the policy rate on April 25, when it raised the late liquidity window by 75bp to 13.5%.

The April decision

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

.