Posted 10/27/2023, 2:07:41 AM
Turkiye Central Bank Hikes Rates for 5th Straight Month to Battle Soaring Inflation
- Turkiye’s central bank sharply lifted its policy rate for the fifth month running on Thursday
- The bank raised its main lending rate to 35% from 30% to battle high inflation
- Inflation readings were above expectations over the past three months
- The bank pledged to raise rates further until inflation outlook improves significantly
- Turkiye’s official annual inflation rate peaked at 85% in October and rose above 60% again last month
