Turkey's Central Bank Raised Its Benchmark Interest Rate By Another 500 Basis Points To 50%

Recently, the Central Bank of Turkey announced that it will raise the benchmark interest rate by another 500 basis points to 50%, which is the first time that the central bank of Turkey has raised interest rates again after announcing the end of the interest rate hike cycle in January. Turkey's central bank said that the underlying inflation trend in February was higher than expected due to inflation in the service sector, and the central bank's monetary policy Committee decided to raise the benchmark interest rate in response to the worsening inflation outlook.