Türkiye's central bank raises interest rate to 25 pct

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Türkiye's central bank raises interest rate to 25 pct

STORY: Türkiye's central bank raises interest rate to 25 pct DATELINE: Aug. 25, 2023 LENGTH: 00:01:22 LOCATION: Ankara CATEGORY: POLITICS/ECONOMY SHOTLIST: 1. various of the Turkish central bank and Turkish lira 2. various of Hafize Gaye Erkan, Governor of the Turkish Central Bank 3. various of Mehmet Simsek, Turkish Treasury and Finance Minister 4. various of the Turkish central bank and Turkish lira 5. various of U.S. dollars STORYLINE: Türkiye's central bank on Thursday raised its benchmark interest rate by 750 basis points to 25 percent from 17.5 percent in a move against high inflation and currency fluctuations. "The Monetary Policy Committee has decided to raise the policy rate (the one-week repo auction rate) from 17.5 percent to 25 percent," the central bank said in a statement. The central bank noted recent indicators point to a continued increase in the underlying trend of inflation. The policy rate will be determined in a way that will create monetary and financial conditions necessa

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