Turkey continues rate increases for fifth straight month

Central bank wants Turkey on a ‘disinflation course’ in 2024

Photo: CBRT

The Turkish central bank continued a series of punishing rate increases on October 26, raising its one-week repo rate by 500 basis points to 35%.

This is the fifth consecutive monthly rate increase under governor Hafize Gaye Erkan, who was appointed in June. Since then, the Central Bank of the Republic of Turkey (CBRT) has more than quadrupled the policy rate from 8.5%.

Erkan’s appointment was part of a return to orthodox monetary policy following the 2023 presidential elections, which also

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