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The move means there have now been 3,650 basis points of cumulative interest rate hikes in Turkey since the May 2023 presidential elections—but that still hasn’t been enough to tackle inflation.
interest rate (%) Change Effective date of last change Average inflation rate 2017–2021 (%) by WB and IMF [1] [2] as in the List Central bank interest rate minus average inflation rate (2017–2021) Afghanistan: 6.00 3.00: 24 July 2021 [3] 3.38 2.62 Albania: 2.75 0.25: 6 November 2024 [4] 1.78 0.97 Algeria: 3.00 0.25: 29 April 2020 [5] 4.14 ...
ANKARA, Turkey (AP) — Turkey’s central bank lowered its key interest rate by 2.5 percentage points to 45% on Thursday, in its second rate cut in as many months as official figures showed inflation was easing. The bank’s Monetary Policy Committee said it was reducing its benchmark one-week repo rate to 45% from the current 47.5%.
By the end of the year, the interest rate stood at 42.5%, [52] and the annual inflation rate decreased to 53.86%, down from 83% in 2022. [53] The central bank increased the interest rate to 50% in March 2024 under Fatih Karahan , the new governor, and has kept it as such as for eight consecutive months. [ 54 ]
Filing status. 2024 standard deduction amount. Single. $14,600 (up $750 from 2023) Head of household. $21,900 (up $1,100 from 2023) Married filing jointly
Turkey's exports as percentage of imports. A longstanding characteristic of Turkey's economy is a low savings rate. [17] Since Recep Tayyip Erdoğan assumed control of the government, Turkey has been running huge and growing current account deficits, $33.1 billion in 2016 and $47.3 billion in 2017, [18] climbing to US$7.1 billion in the month of January 2018 with the rolling 12-month deficit ...
The bank pushed its policy rate up by 5 percentage points, to 40%, marking its sixth big interest rate hike in a row focused on beating down inflation that hit an eye-watering 61.36% last month.
21 to 27 April – 2025 IIHF World Championship Division III Group A [14] A ecumenical meeting of the Orthodox and Catholic Churches at Nicaea is scheduled to be held to mark the 1,700th anniversary of the Council of Nicaea. [15]