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<p style="text-align: justify">The Central Bank of the Republic of Turkey (CBRT) raised 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 last 20 years, at 35%.</p>
<h2 style="text-align: justify" id="cbrt-raises-policy-rate-to-35">CBRT Raises Policy Rate to 35%</h2>
<p style="text-align: justify">Under the presidency of Hafize Gaye Erkan, the CBRT increased the policy rate for the 5th consecutive time. As expected, the MPC of the CBRT raised the policy rate by 500 basis points to 35%.</p>
<p style="text-align: justify">The expectation survey for the CBRT’s MPC meeting, conducted with the participation of 19 economists, revealed that the median expectation for the change in the policy rate was an increase of 5%. According to the survey results, economists’ expectations for the policy rate reached 35% with the projected 500 basis points increase. The median expectation for the year-end policy rate was 40%.</p>
<h2 style="text-align: justify" id="bitcoin-sets-new-record-against-the-turkish-lira">Bitcoin Sets New Record Against the Turkish Lira</h2>
<p style="text-align: justify"><a href="https://en.coin-turk.com/is-september-a-perfect-time-to-buy-bitcoin/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (<a href="https://en.coin-turk.com/bitcoin-price-shows-signs-of-new-rally-as-volatility-decreases/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a>) reached its all-time high against the Turkish lira (BTC/TRY) on October 24, hitting the level of 1,019,860 TRY. The record-breaking surge of BTC/TRY was driven by the expectation of a spot Bitcoin ETF approval in the US, which led to the largest cryptocurrency’s rise against the US dollar, reaching the 35,000 level. Additionally, the Turkish lira depreciated further against the US dollar, surpassing the 28 level.</p>
<p style="text-align: justify"><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"></p>
<p style="text-align: justify">At the time of writing this article, the BTC/TRY trading pair is currently at 970,407 TRY on the cryptocurrency exchange BtcTurk, slightly pulling back from 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. The USD/TRY is currently trading at 28.13.</p> Continue Reading: <a href="https://en.coin-turk.com/turkish-central-bank-increases-policy-rate-to-35/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/turkish-central-bank-increases-policy-rate-to-35/</a>

Turkish Central Bank Increases Policy Rate to 35%

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