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Turkish central bank raises key rate to 46 pct over inflationary pressure

Turkish central bank raises key rate to 46 pct over inflationary pressure

The Peninsula
Thursday, April 17, 2025 4:37 PM GMT

Ankara: T rkiye s central bank raised its key interest rate by 350 points on Thursday, from 42.5 percent to 46 percent, reversing its previous easing...

Ankara: Türkiye's central bank raised its key interest rate by 350 points on Thursday, from 42.5 percent to 46 percent, reversing its previous easing cycle.

The bank's Monetary Policy Committee (MPC) acknowledged that the underlying inflation trend had moderated in March. However, it flagged an uptick in monthly core goods inflation for April and noted that domestic demand remained stronger than anticipated, potentially slowing the disinflation process.

"Leading indicators point to a level of domestic demand above projections despite some loss of momentum in the first quarter, suggesting a lower disinflationary impact," said the MPC.

Potential effects of the rising protectionism in global trade on the disinflation process through global economic activity, commodity prices, and capital flows are closely monitored, it said, adding that inflation expectations and pricing behavior continue to pose risks to the disinflation process.

Thursday's hike marks a notable shift from the central bank's stance in March, when it had cut the policy rate by 2.5 percentage points to 42.5 percent, citing an improving inflation trend observed in February.

Read full story on The Peninsula
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