Turkey's central bank raises key interest rate from 45% to 50%
21 Mar 24 1 min read
The move by the bank’s monetary policy committee comes amid 67-per cent inflation rate recorded last month—higher than expected.
The committee also decided to adjust the monetary policy operational framework by setting the bank’s overnight borrowing and lending rates 300 basis points below and above the one-week repo auction rate respectively, the central bank said in a release.
Domestic demand remains resilient. Stickiness in services inflation, inflation expectations, geopolitical risks and food prices keep inflation pressures alive, the release noted.
- India’s economic growth momentum to continue in Q1 FY25: Ministry
- UK’s consumer prices index rises 2.3% in April 2024
- Australia’s consumer pessimism continues as inflation fears dominate
- Turkish central bank maintains policy rate at 50%
- US economy starts 2024 on softer note, recession not expected: TCB
- Türkiye’s Economic Revival Plan: Implications for the Textile Industry
Tight monetary stance will be maintained until a significant and sustained decline in the underlying trend of monthly inflation is observed, and inflation expectations converge to the projected forecast range, the bank said.
The second half of this year will see disinflation, it added.
Fibre2Fashion News Desk (DS)
Popular News
|
|
IFC launches Dutch-backed textile sector project in Jordan |
|
|
AkzoNobel plans closure of sites in Netherlands, Ireland & Zambia |
|
|
US retailer Ross Stores posts net earnings of $488 mn in Q1 |
|
|
3 RCEP members among top 10 markets for Cambodian garments |
|
|
Export subsidy grows but only Bangladesh RMG yields anticipated result |
|
|
Cotton yarn prices fall on slow buying in south India |
