Turkish central bank raises policy interest rate to 35 pct

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Turkish central bank raises policy interest rate to 35 pct

STORY: Turkish central bank raises policy interest rate to 35 pct DATELINE: Oct. 27, 2023 LENGTH: 00:01:05 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of Türkiye's central bank 2. various of Turkish lira 3. various of stores STORYLINE: Türkiye's central bank increased its policy interest rate by 500 basis points from 30 percent to 35 percent on Thursday. The central bank's monetary policy committee said in a statement that it decided to continue the monetary tightening process in order to establish the disinflation course as soon as possible, anchor inflation expectations, and control the deterioration in pricing behavior. In the third quarter, inflation readings were above expectations, said the statement. "The strong course of domestic demand, the stickiness of services inflation, and the deterioration in inflation expectations continue to put upward pressure on inflation," it added. In addition, geopolitical developments have posed risks to the inflation outlook, said the ba

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