The Turkish Central Bank has raised interest rates by 2,650 basis points since Turkish President Recep Tayyip Erdogan won his third term last May, according to Bloomberg data.
Data showed that the Turkish Central Bank interest rate was at 8.5% before the last presidential elections, and was raised at an accelerated pace after the elections to reach 35% this October.
It is worth noting that the Turkish Central Bank has been sharply raising borrowing costs since Erdogan’s victory in May, as part of efforts to end unconventional policies that have continued for years, which have alienated foreign investors and led to a series of currency crises.
2023-10-29 11:18:29
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