Türkiye's central bank hiked its policy rate by 250 basis points from 15% to 17.5% on Thursday, APA reports citing Reuters.
It was the second meeting under new Governor Hafize Gaye Erkan, who is leading a change of course after the one-week repo rate (TRINT=ECI) was cut to 8.5% from 19% since 2021 despite soaring inflation.
The bank said after its monetary policy committee meeting that it will continue to tighten monetary policy and expected further upwards pressure on inflation due to recent tax hikes.
"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," it said.
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