CBRT Reveals Last Minute Interest Rate Decision for July 2023!

Title: Central Bank Raises Interest Rates to 17.5% in July 2023 Decision

Date: July 20, 2023
Last Updated: July 20, 2023 at 14:01

The Central Bank of Turkey has announced its interest rate decision for July 2023. The decision was made in the Monetary Policy Committee meeting and was announced on Thursday, July 20, 2023, at 14:00. Previously, in June, the Central Bank had increased the interest rate by 650 basis points, lowering the policy rate to 15 percent.

According to the latest information, the interest rate decision for July has been set at 17.5 percent, indicating a 250 basis point increase. This decision comes as the seventh consecutive time where the Central Bank has maintained the interest rate at 14 percent. In subsequent months, interest rates were reduced in August, September, October, and November, and remained steady at 9 percent in December and January.

In February, the Central Bank reduced the policy rate by 50 basis points, bringing it down to 8.5 percent. The interest rates remained unchanged for March, April, and May at the same 8.5 percent. However, in June, the interest rates were raised to 15 percent.

Experts were eager to know the outcome of the July interest rate decision, especially after recent changes in the Central Bank’s leadership. Similar to the first decision made, the expectation was for an increase in interest rates.

In other news, China has announced its growth target. For more details, please see the related article provided below.

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Source: CNN Turk

 

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