Turkiye’s central bank raises interest rate to 40% to tame rising inflation

RIYADH: For the 6th consecutive time, Turkiye’s central bank has raised the one-week repo rate to 40 percent, signaling the conclusion of its tightening cycle.  

In a bid to address persisting inflationary pressures and ensure sustained price stability, the Turkish Monetary Policy Committee announced in a statement on Thursday its decision to raise the interest rate from 35 percent to 40 percent. 

The move came as headline inflation experienced a slight decline in October.