Turkish Central Bank hikes interest rates by 625 bps

By Muhammed Ali Gurtas

ANKARA (AA) – Turkish Central Bank on Thursday hiked its one-week repo rate by 625 base points.

In a statement, the bank's Monetary Policy Committee said the policy rate was increased to 24 percent, up from 17.75 percent.

According to Anadolu Agency's survey on Monday, a group of 17 economists expected a rise in one-week repo rate with a median of 425 base points, i.e. 4.25 percentage points.

The next two Monetary Policy Committee meetings are to be held on Oct. 25, and Dec. 13.