Turkey Raises Benchmark Interest Rate from 8.25% to 10.25%

[Asia Economy Reporter Seulgina Jo] The Central Bank of Turkey announced on the 24th (local time) at the Monetary Policy Committee meeting that it raised the benchmark interest rate, the 1-week repo (repurchase agreement) rate, to 10.25%. This is an increase of 2.0 percentage points from the previous month's 8.25%. The initial market expectation was mostly for a rate freeze.

After Murat Uysal took office as governor last July, the central bank lowered the benchmark interest rate from 24% to 8.25% over nine cuts. Since then, the rate has been kept steady from June to August.