Inflation in der Türkei: Leitzins auf 35% angehoben

Im Kampf gegen die rasante Inflation hat die türkische Zentralbank den Leitzins noch einmal angehoben:

Turkey’s Central Bank hiked interest rates Thursday by 500 basis points, from 30% to 35%.

Explaining the hike, the bank cited a larger than expected increase in inflation in the third quarter and geopolitical risks, the latter an apparent reference to impacts of the ongoing Hamas-Israel war. 

“In the third quarter, inflation readings were above expectations,” said a statement released after the bank's monthly monetary policy committee meeting. “Geopolitical developments pose risks to the inflation outlook due to oil prices,” it also stated.

The hike marks the fifth in a row since July under the economy's new leadership, which was appointed following a U-turn in economic policy at the start of President Recep Tayyip Erdogan's new term in office in June. Under Erdogan's unorthodox policy of keeping rates low to promote economic growth at the expense of skyrocketing inflation, the Turkish lira tumbled to record low levels against hard currency. 

Ditching his unconventional economic views after general elections in May, Erdogan appointed former Wall Street executives to the helm of the economy: Mehmet Simsek as finance minister and Gaye Erkan as Central Bank governor, making her the first woman to hold that position. Both pledged to return Turkey to mainstream economic and monetary policies after their appointment. 

Under Erkan, a former US banking executive, the Central Bank has hiked its policy rates by 26.5% over the last four months. After its meeting on Thursday, the bank reaffirmed its position, stating, “Given the monetary tightening stance, the Committee is determined to establish the disinflation course.”