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The Central Bank of the Republic of Turkey (CBRT) raised interest rates by 500 basis points at the October meeting of the Monetary Policy Committee (MPC). With the latest rate hike, the policy rate reached its highest level in the last 20 years, reaching 35%.
<h2 style="text-align: justify" id="strong-cbrt-raises-policy-rate-to-35-strong">CBRT Raises Policy Rate to 35%</h2>
Under the leadership of Hafize Gaye Erkan, the CBRT increased the policy rate for the fifth consecutive time. The MPC of the CBRT raised the policy rate by 500 basis points as expected, reaching 35%.
The survey on the MPC meeting of the CBRT was conducted with the participation of 19 economists, and the median of economists’ expectations for a change in the policy rate resulted in a 5% increase. According to the survey results, economists’ expectations for the policy rate, which predicted a 500 basis point increase, reached 35%. The median expectation of economists for the year-end policy rate was 40%.
<h2 style="text-align: justify" id="strong-latest-situation-of-bitcoin-breaking-records-against-turkish-lira-strong">Latest Situation of Bitcoin, Breaking Records Against Turkish Lira</h2>
<a href="https://en.coin-turk.com/bitcoin-price-analysis-bitcoins-technicals-point-to-a-potential-rally-as-it-approaches-31000/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (<a href="https://en.coin-turk.com/bitcoin-analyst-predicts-570-rise-in-price-and-highlights-feds-money-printing/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a>), on October 24, reached its all-time high against the Turkish lira (BTC/TRY) at 1,019,860, breaking records. The record-breaking of BTC/TRY came with the expectations that a spot Bitcoin ETF would be approved in the US in the near future, the largest cryptocurrency reaching 35,000 against the US dollar, and the Turkish lira’s renewed depreciation 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 currently at 970,407 on the BtcTurk cryptocurrency exchange, slightly retreating from its all-time high level. Following the increase in the policy rate to 35%, the initial reaction in the exchange rate was a 0.09% increase. The USD/TRY is currently trading at 28.13. Continue Reading: <a href="https://en.coin-turk.com/tcmb-raises-policy-rate-to-35-in-october-meeting/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/tcmb-raises-policy-rate-to-35-in-october-meeting/</a>

TCMB Raises Policy Rate to 35% in October Meeting

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