Central Bank of Türkiye announces increase in discount rate to 40%

The Central Bank of Türkiye has raised the discount rate from 35% to 40%, Report informs referring to TASS.

"The Monetary Policy Committee has decided to increase the policy rate (one-week repo auction rate) from 35% to 40%. Headline inflation, which fell slightly in October, remains in line with the forecast presented in the last report. Current level of domestic demand, prices services and geopolitical risks are under inflationary pressure," the Central Bank said in a statement.

This is the sixth rate hike in Türkiye in 2023.