Turkey’s Central Bank

Turkey’s Central Bank raised its benchmark rate more than estimates by 125 basis points to 17.75 percent on June 7, following up on last month’s dramatic increase with more tightening after inflation spiked.

Turkey’s Central Bank kept interest rates steady on March 7, saying it would keep policy tight until price pressures eased, signaling its intention to rein in inflation.

Turkey’s external assets rose to $233.5 billion as of October, 8.4 percent up from the end of 2016, Turkey’s Central Bank announced on Dec. 15.

Turkey’s Central Bank on Dec. 14 raised its late liquidity window rate by 0.50 basis points to 12.75 percent, keeping other rates on hold.

President Recep Tayyip Erdoğan has blasted Turkey’s Central Bank, saying it is “on the wrong path” and claiming that a lack of government intervention in monetary policy has saddled Turkey with high inflation and a slowdown in investment.

Turkey’s Central Bank has said it will begin paying interest on financial institutions’ lira required reserves from November in a bid to support growth and domestic savings