Turkey’s main bank hasactually provided another substantial interest rate walking as it attempts to curb double-digit inflation that has left families havingahardtime to payfor food and other standard items
ByThe Associated Press
November 23, 2023, 6: 33 AM
A guy purchases food from a street supplier at Kadikoy ferryboat terminal in Istanbul, Thursday, Nov. 16,2023 Turkey’s main bank provided another substantial interest rate walking on Thursday, Nov. 23, 2023 continuing its effort to curb double-digit inflation that has left families havingahardtime to payfor food and other standard products. (AP Photo/Francisco Seco)
The Associated Press
ANKARA, Turkey — Turkey’s main bank provided another big interest rate walking on Thursday as it attempts to curb double-digit inflation that has left homes havingahardtime to payfor food and other fundamental products.
The bank pressed its policy rate up by 5 portion points, to 40%, marking its 6th huge interest rate walking in a row focused on pounding down inflation that hit an eye-watering 61.36% last month.
However, the bank stated its rate walkings would quickly end.
“The present level of financial tightness is considerably close to the level needed to develop the disinflation course,” the bank stated. “Accordingly, the rate of financial tighteningup will sluggish down and the tighteningup cycle will be finished in a brief duration of time.”
President Recep Tayyip Erdogan has long been a supporter of an unconventional po