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Economics

Turkey Says Hike to 15% Is First Step of Monetary-Tightening Era

Last month’s rate decision was the first under Governor Hafize Gaye Erkan.

Last month’s rate decision was the first under Governor Hafize Gaye Erkan.

Source: Central Bank of Republic of Turkey

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Turkey’s central bank said last month’s interest-rate raise was the “first step” of a monetary tightening cycle, as the administration of newly-reelected President Recep Tayyip Erdogan tries to slow inflation of almost 40%.