Hatice Karahan
Turkish Central Bank raises policy rate 750 basis points to 25%
Türkiye's Central Bank has hiked its policy rate from 17.5 percent to 25 percent, delivering on its promise of tightening.
The bank lifted the policy rate, the one-week repo rate, for a third month in a row after Hafize Gaye Erkan was appointed its governor in June.
Most economists had expected the bank to deliver a 250 bps rate hike to 20 percent.
Erdogan appoints three deputy governors to central bank
Turkish President Tayyip Erdogan named three deputy governors to the central bank, the country's official gazette said on Friday, a day after the bank vowed to continue gradual monetary tightening and raised its end-2023 inflation forecast.