Turkey’s central bank raised interest rates to 15% on Thursday, the first increase since 2021 and part of a policy correction by the country’s new economic leaders that fell short of calls for more aggressive action to curb inflation.
The bank raised the country’s benchmark interest rate, the one-week repo rate, to 15% from 8.5%, the low it reached under the previous central bank governor.
Though the decision signals a new policy, it is likely to disappoint some investors and economists who called on the bank to raise interest rates above the country’s inflation rate, which currently stands at 39%.
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