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Central Bank of Turkey releases interest rate decision




The Central Bank of Turkey will release its decision on interest rates today. The bank will likely keep interest rates at 17%.

Photo: Adem Altan / AFP

The Central Bank of Turkey will release its decision on interest rates today.

Seeking to curb double-digit inflation, President Recep Tayyip Erdogan took drastic measures in November that saw his son-in-law, Berat Albayrak, removed from his post as finance minister and appointed Naci Agbal. as president of banks. Agbal embarked on a hawkish monetary policy which yielded positive results until there.

In an attempt to gain the confidence of voters, Erdogan and the ruling Adalet ve Kalkinma Partisi (AKP) party will seek to support Turkey’s economy by attracting foreign investors and keeping interest rates stable until the next presidential elections. Worried about the growing popularity of opposition parties, Erdogan is likely to hope to counter opposition promises and ease politics dissatisfaction among working-class Turkish citizens avoiding a further deterioration of the Turkish lira. Given that high interest rates are expected to persist, the lira can be expected to continue to advance against the US dollar in the near to medium term. Despite the significant appreciation of the lire, national inflation persisted above expectations. The government is likely to respond by enforcing wage and price controls, which could lead to a recession and increased unemployment in the short term.

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