Türkiye’s central bank hikes key interest rate to 35%

The Central Bank of the Republic of Türkiye (TCMB) raised its interest rate by five percent or 500 basis points, from 30 percent 35 percent, during Monetary Policy Committee meeting held on Thursday.

The hike marks the fifth straight increase in a row since July under the stewardship of Governor Hafize Gaye Erkan to control the inflation which stands at 61.53 percent, according to the bank’s statement.

“Monetary tightening will be further strengthened as much as needed in a timely and gradual manner until a significant improvement in inflation outlook is achieved,” the statement added.