Turkey raised bank interest rates to 25% to control inflation

KATHMANDU: The Central Bank of Turkey raised the bank interest rate to 25% on Thursday in response to excessive inflation and currency fluctuations.

According to the Central Bank of Turkey, the monetary policy committee has voted to raise the interest rate from 17.5 percent to 25 percent.

According to recent indications, the country’s inflation has risen significantly.

According to reports, monetary policy would be tightened until inflation improves.

Turkey hiked its policy rate twice between June and July to combat growing inflation.

The central bank raised the bank interest rate from 8.5 percent to 15 percent on June 22.

It was raised from 15 to 17.5 percent on July 20.