Turkey’s central bank raises interest rates again in another sign of normalizing economic policy
By The Associated Press on August 24, 2023.
ANKARA, Turkey (AP) – Turkey’s central bank raised its key interest rate by an aggressive 7.5 percentage points, in a new sign of a return to more traditional economic policies. The bank raised its policy rate to 25% on Thursday. The bank is continuing to backtrack from the rate-cutting course set by President Recep Tayyip Erdogan that has been blamed for inflaming a cost-of-living crisis. Many households have been left struggling to afford rent and basic goods. 4-3
