On Thursday, the Turkish central bank increased its benchmark interest rate by 500 basis points, from 25% to 30%, as Ankara continues to struggle with double-digit inflation.
Inflation in Turkey has been soaring in recent months, reaching 58.94% in August 2023. This is the highest level of inflation in Turkey since 1998. The high inflation rate has caused widespread hardship for Turkish households, as the cost of living has become increasingly unaffordable.
It moves Turkey toward a more conventional economic strategy in response to criticism that Erdogan’s rate cuts had exacerbated the country’s cost-of-living crisis.
The bank stated on Thursday that the rise was required due to the rising cost of oil and the inflation of services. It indicates that the interest rate in the nation is currently at a level not seen since 2003.
Following the announcement, the lira fell to 27.105 to the dollar, barely above its record low set last month.
The central bank’s interest rate hike is an attempt to slow down inflation by making it more expensive to borrow money. When interest rates are high, businesses and households are less likely to borrow money, which can help to reduce demand for goods and services. This can lead to lower prices and slower inflation.
However, raising interest rates can also have negative consequences. For example, it can slow down economic growth and make it more difficult for businesses to create jobs. Additionally, high interest rates can make it more difficult for people to afford mortgages and other loans.
“Monetary tightening will be further strengthened as much as needed in a timely and gradual manner until a significant improvement in the inflation outlook is achieved,” the bank stated.
The bank stunned the market last month with a 750-point increase that was interpreted as a show of renewed resolve to combat inflation. The largest single-day lira surge since 2021 was spurred by rates rising three times more than anticipated.
A rate hike by the central bank is a risky move, but Turkey’s high inflation must be contained. The Turkish government is also taking other measures to fight inflation, such as offering subsidies to consumers and encouraging companies to cut prices.
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