The Central Bank of Turkey raised the key rate to 24% per annum

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The Central Bank of Turkey reported a significant increase in the key interest rate. The rate for weekly REPO operations has been raised to 24% from 17.75% per annum. For analysts, such a significant increase was unexpected, they had predicted a rate of 21%, especially since the President of Turkey Recep Tayyip Erdogan urged the Central Bank to lower the rate, considering it too high. This is the third year since the beginning of the increase in the key rate. The level of inflation in the country has grown significantly and peaked since 2003, and the lira since the beginning of 2018 has fallen in price against the US dollar more than 40%.

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