15:58 - 22.06.2023

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June 22, Fineko/abc.az. The Central Bank of Türkiye has raised its key rate from 8.5% to 15% as part of measures to combat crisis phenomena in the country's economy and tighten monetary policy.

ABC.AZ reports that the decision was published on the website of the Central Bank of Türkiye following the meeting of the Monetary Policy Committee of the bank.

Speech is about the bid at weekly repo auctions - a short-term loan of funds secured by securities. This is a key indicator of the Central Bank of Türkiye. The rate increase occurred for the first time since March 2021.

"The Committee decided to increase the weekly repo auction rate from 8.5% to 15%. The Board of Directors of the Central Bank decided to start the process of tightening monetary policy in order to achieve deflation as soon as possible, consolidate inflation expectations and control price volatility," the statement of the Central Bank of Türkiye says.