Turkey has increased interest rates to 45 per cent as policymakers signalled that a eight-month campaign of big rises in borrowing costs was over, with the country’s prolonged inflation crisis expected to ease this year.
The central bank on Thursday boosted its benchmark one-week repo rate by 2.5 percentage points, in line with expectations and marking the eighth increase in borrowing costs since June.
The central bank’s policy-setting committee said that although inflation remained at nearly 65 per cent and might rise further in the coming months, “recent indicators suggest that domestic demand continues to moderate in line with the projected disinflation process as monetary tightening is reflected in financial conditions”.
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