Central Bank of the Republic of Turkey

The government aims to bring the inflation rate to down to single digits in 2026, Vice President Cevdet Yılmaz has said, reiterating that the new medium-term program (MTP) will be unveiled in September.

The Turkish currency started losing its value against the dollar again today and fell to a record low, local media reported.

The Turkish lira traded today at 27.01 per US dollar.

In recent days, the euro was exchanged for 29.60 TRY.

Turkey's new-look economic team met for the first time with international investors on Friday, with questions over how far it will hike interest rates to head off rebounding inflation high on the agenda.

After eight months of deceleration, the annual inflation rate has climbed from 38.2 percent in June to 47.83 percent in July, data from the Turkish Statistical Institute (TÜİK) showed on Aug. 3.

Consumer prices rose by 9.49 percent last month from June, when the monthly inflation was 3.92 percent.

The Central Bank raised its end-2023 inflation forecast to 58 percent from 22.3 percent in its previous report, its governor, Hafize Gaye Erkan, said on July 27, vowing to continue the bank's gradual monetary tightening.

The government is determined to decrease the inflation to single digits, according to a statement by the Economic Coordination Board (EKK).

After delivering a 250 bps rate hike last week to increase the one-week repo auction rate to 17.5 percent, the Central Bank has announced a series of measures on selective credits and quantitative tightening.

Türkiye's Central Bank has increased its policy rate - one-week repo rate - from 15 percent to 17,5 percent.

The rate hike was widely expected after Mehmet Şimşek once again took the helm at the economy management and Hafize Gaye Erkan was appointed as the new Central Bank Governor.

Members of the Central Bank's Monetary Policy Committee will meet on July 20 to decide about its key interest rate.

At the MPC's June meeting, the policy rate - the one-week repo auction rate - was lifted from 8.5 percent to 15 percent. This was the first rate hike since March 2021.

BELGRADE - The National Bank of Serbia (NBS) Executive Board decided on Thursday to raise the key policy rate by 25 bp to 6.5 pct.

It also raised the deposit and lending facilities rates to 5.25 pct and 7.75 pct, respectively, the central bank said in a statement.