Central bank’s rate hike causes Turkish lira to plummet to record lows

June 23, 2023

Turkey’s Taksim Square, with the figure of Kemal Ataturk, the first president, and the Turkish flag in the background. Sopa Images | Lightrocket | Getty Images The Turkish lira witnessed a significant drop as Turkey’s central bank implemented a surprising 650 basis points increase in the benchmark interest rate, leading to a dramatic shift in …

Turkey’s Central Bank Implements 15% Interest Rate Hike in a Startling Change to Address 40% Inflation

June 22, 2023

Residents waiting at a bus stop under a large Turkish flag in Istanbul, Turkey, on Sunday, April 30, 2023. Bloomberg | Bloomberg | Getty Images Turkey’s central bank has announced a significant increase in the country’s key interest rate, raising it from 8.5% to 15%. This decision comes as part of the new economic administration …