Turkey's central bank resorted to another sharp rate hike on Thursday, in a bid to bring inflation down from double-digits and maintain price stability.
The Monetary Policy Committee of the Central Bank of the Republic of Turkey governed by Naci Agbal decided to lift the key one-week repo rate sharply to 17.00 percent from 15.00 percent.
The bank had raised the rate by 475 basis points at the first MPC meeting of Agbal as governor in November.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.