Türkiye's central bank raises interest rate to 17.5 pct

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Türkiye's central bank raises interest rate to 17.5 pct

STORY: Türkiye's central bank raises interest rate to 17.5 pct DATELINE: July 21, 2023 LENGTH: 00:02:11 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of bank 2. various of streets view and people walking STORYLINE: Türkiye's central bank on Thursday raised its benchmark interest rate by 250 basis points to 17.5 percent from 15 percent in a move against high inflation and currency fluctuations. The central bank "decided to continue the monetary tightening process to establish the disinflation course as soon as possible, to anchor inflation expectations, and to control the deterioration in pricing behavior," the institution's monetary policy committee said in a statement. To improve market mechanisms and stability, the committee will gradually "simplify and improve the existing micro- and macroprudential framework" and pledges quantitative and credit tightening to support the rate hike, it added. The hike came nearly a month after the Turkish central bank hiked its main rate by 650 basis p

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