UPDATE - Türkiye raises policy interest rate by 750 basis points

UPDATE - Türkiye raises policy interest rate by 750 basis points

Central bank's policy interest rate reaches 25% as monetary policy committee decides to continue monetary tightening

UPDATES WITH FINANCE MINISTER'S COMMENT, MINOR EDITS

By Gokhan Ergocun

ISTANBUL (AA) - The Turkish Central Bank increased its policy interest rate by 750 basis points to 25% on Thursday.

In a statement, the bank said that its monetary policy committee decided to continue the monetary tightening process in order to establish the disinflation course “as soon as possible.”

"Recent indicators point to a continued increase in the underlying trend of inflation," the statement said, adding: "The strong course of domestic demand, cost pressures stemming from wages and exchange rates, the stickiness of services inflation and tax regulations have been the main drivers."

The bank's “simplification process” will continue gradually, it said.

Treasury and Finance Minister Mehmet Simsek said on X: "We are determined, price stability is our top priority."

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