The Turkish Central Bank (TCMB) decided, Thursday, to raise the interest rate from 35% to 40% annually, in the sixth increase of its kind to support the lira, and curb inflation.
A statement issued by the Turkish Central Bank said: “It was decided to increase the interest rate by 500 basis points to reach 40%.”
The Turkish regulator had raised the interest rate at a meeting held at the end of October from 30% to 35%.
The Turkish Central Bank announced last June that it would continue to gradually tighten monetary policy until the high inflation indicators change.
Following the hike, the dollar exchange rate fell by 0.22% to 28.7805 liras, according to Bloomberg data, however, the rate hit a new high to 28.84, rising 0.23% later in trading.
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