Mehmet Şimşek

Central Bank hikes key interest rate by 500 bps to 50 percent

Türkiye's Central Bank has decided to opt for lifting the key policy rate, increasing the one-week repo auction rate from 45 percent to 50 percent.

Most economists had expected the Central Bank, which held the policy rate steady last month after eight straight increases, to keep the rate unchanged at the Monetary Policy Committee (MPC) meeting on March 21.

Central Bank has a free hand, says Finance Minister Şimşek

Türkiye's Central Bank has a 'free hand' and policymakers at the bank will do what is necessary to reduce inflation, Treasury and Finance Minister Mehmet Şimşek has said.

The essence of the economic program is disinflation, to bring inflation to single digits, Şimşek said in an interview with private broadcaster Kanal 7.

Volatility in FX market temporary, says Şimşek

The recent volatility in the FX market should be viewed as temporary, Treasury and Finance Minister Mehmet Şimşek has said, vowing to maintain "sound" policies.

"The Central Bank is committed to anchoring inflation expectations using all the tools at its disposal. We will continue to tighten fiscal policy to help the Central Bank reduce inflation," Şimşek wrote on X on March 11.

Excessive demand will vanish later this year: Şimşek

Excessive domestic demand that has caused higher inflation will disappear around the second and third quarter of this year, Finance Minister Mehmet Şimşek has said.

The Central Bank is taking additional tightening measures, the minister said in an interview with private broadcaster CNN Türk. "We are fully supporting this."

Şimşek rules out scenarios on real depreciation of Turkish Lira

Finance Minister Mehmet Şimşek has ruled out scenarios regarding the real depreciation of the Turkish Lira after the upcoming local elections.

"We do not have an exchange rate target. We are implementing a policy set which makes the lira attractive," Şimşek said in a televised interview on March 4.

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