Bank AI

Bitcoin ETF

Bitcoin

The Central Bank of the Republic of Turkey (CBRT) increased interest rates by 500 basis points at the October Monetary Policy Committee (MPC) meeting. With the recent rate hike, the policy rate reached its highest level in the past 20 years, standing at 35%.
<h2 style="text-align: justify" id="strong-cbrt-raises-policy-rate-to-35-strong">CBRT Raises Policy Rate to 35%</h2>
Under the presidency of Hafize Gaye Erkan, the CBRT raised its policy rate for the 5th consecutive time. In line with expectations, the CBRT’s MPC increased the policy rate by 500 basis points, reaching 35%.
The survey on the CBRT’s MPC meeting resulted in the participation of 19 economists, and the median expectation of economists regarding the change in the policy rate was a 5% increase. According to the survey results, economists’ expectations for the policy rate, foreseeing a 500 basis point increase, reached 35%. The median expectation for the year-end policy rate among economists was 40%.
<h2 style="text-align: justify" id="strong-current-situation-of-bitcoin-breaking-records-against-turkish-lira-strong">Current Situation of Bitcoin, Breaking Records Against Turkish Lira</h2>
<a href="https://en.coin-turk.com/ted-cruz-bitcoins-rising-role-in-the-texas-economy/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (<a href="https://en.coin-turk.com/max-keiser-repeats-his-prediction-of-220000-for-bitcoin/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a>) reached its all-time high against the Turkish lira (BTC/TRY) on October 24, reaching 1,019,860, becoming a new record. The renewed record of BTC/TRY came as the largest cryptocurrency approached the 35,000 level against the US dollar, with expectations of a spot Bitcoin ETF approval in the US, and the Turkish lira depreciating against the US dollar, surpassing the 28 level.
<img decoding="async" loading="lazy" class="aligncenter size-full wp-image-270473" src="https://coin-turk.com/wp-content/uploads/2023/10/Bitcoin-BTC-Turk-Lirasi.jpeg" alt="" width="1280" height="720">
At the time of writing this article, the BTC/TRY trading pair is at 970,407 on the cryptocurrency exchange BtcTurk, slightly lower than its all-time high. Following the increase in the policy rate to 35%, the initial reaction in the USD/TRY exchange rate was a 0.09% increase. USD/TRY is currently trading at 28.13. Continue Reading: <a href="https://en.coin-turk.com/turkey-raises-policy-rate-to-35-in-october-meeting/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/turkey-raises-policy-rate-to-35-in-october-meeting/</a>

Turkey Raises Policy Rate to 35% in October Meeting

Table of Contents

COINTURK NEWS

Other articles published on Oct 26, 2023

Wemade welcomes CHUNG HA as new ambassador of WEMADE and WEMIX

Solana (SOL) Price Prediction: November 2023

SBF Trial – Prosecution no longer expects early conclusion after SBF decides to testify

FTX Crypto Exchange Moves $19 Million to Binance, Coinbase, and Various Wallet Addresses

Bitcoin price model expects $45K 'phase' to hit in November

Countdown to World Blockchain Summit Dubai 2023 Begins!

Join our free newsletter for daily crypto updates!