The Monetary Policy Committee (MPC) of the Central Bank of the Republic of Turkey (TCMB) announced the interest rate decision that the markets were expecting with great interest. Accordingly, the MPC raised the policy rate, the one-week repo auction interest rate, by 500 basis points to 30 percent.
The MPC had decided to increase the interest rate by 650 basis points in June, 250 basis points in July and 750 basis points last month.
Thus, with today's decision, the policy rate was increased by 2150 basis points in the last 4 meetings.
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