Türkiye's Central Bank raises policy rate by 500 basis points

By Gokhan Ergocun

ISTANBUL (AA) - The Central Bank of the Republic of Türkiye on Thursday raised its policy interest rate by another 500 basis points to 35%.

Over the course of five monetary policy meetings, the bank has been gradually increasing the rate, also known as the one-week repo auction rate, from 8.5% in May to 35% this month.

An Anadolu survey this week had predicted a 500-point hike from the bank.

"The Committee decided to continue the monetary tightening process in order to establish the disinflation course as soon as possible," the bank stressed.

It also underlined that it will continue to make decisions on "quantitative tightening" and "selective credit tightening" to support the country's monetary policy stance.