Turkey’s central bank hikes interest rates again in further shift in economic policies

📆 9/21/2023 3:48 PM
📰 YahooFinanceCA

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ISTANBUL (AP) — Turkey’s central bank raised its key interest rate by 5 percentage points Thursday, another large but expected hike that signals a continued push toward more traditional economic policies under President Recep Tayyip Erdogan. The bank hiked its policy rate to 30%, saying it has kept up the “monetary tightening process” to combat rampant inflation and control price instability. Its statement said inflation in July and August was “above expectations,' hitting 58.94% last month. It

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Statistics Canada released its latest inflation reading on Tuesday, which shows the annual rate rose to four per cent in August, up from 3.3 per cent in July. Forecasters were widely anticipating inflation to come in hotter last month due to higher gasoline prices. But Tuesday'OTTAWA — The Bank of Canada was watching its words at its last interest rate announcement, in fear of spurring speculation that rate cuts are coming any time soon.

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