Turkey raises rate 3rd time to eliminate risks to inflation
Turkey s central bank raised its policy interest rate for the third time this year, and for the second time under its new governor, in what it said was a strong monetary tightening to eliminate the risks to the outlook for inflation and reiterated it would decisively maintain tight monetary policy until there is a permanent fall in inflation.
The Central Bank of the Republic of Turkey (CBRT) raised its one-week repo auction rate by another 200 basis points to 17 percent and has now raised it by 825 points following a first hike in September and then a second hike in November after the new governor, Naci Agbal, was installed by Turkey s strong-willed president, Tayyip Erdogan.