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<p style="text-align: justify">The Turkish Central Bank (TCMB) Monetary Policy Committee (MPC) increased interest rates by 500 basis points during its October meeting. With this latest rate hike, the policy rate has reached its highest level in the past 20 years, standing at 35%.</p>
<h2 style="text-align: justify" id="tcmb-raises-policy-rate-to-35">TCMB Raises Policy Rate to 35%</h2>
<p style="text-align: justify">Under the leadership of Hafize Gaye Erkan, the TCMB has raised its policy rate for the fifth consecutive time. The MPC of the TCMB increased the policy rate by 500 basis points, reaching 35%, in line with expectations.</p>
<p style="text-align: justify">The expectation survey for the TCMB’s MPC meeting resulted in the participation of 19 economists, and the median of economists’ expectations regarding the change in the policy rate was a 5% increase. According to the survey results, economists’ expectations for the policy rate, anticipating a 500 basis point increase, reached 35%. The median expectation of economists for the year-end policy rate was 40%.</p>
<h2 style="text-align: justify" id="current-situation-of-bitcoin-setting-records-against-the-turkish-lira">Current Situation of Bitcoin, Setting Records Against the Turkish Lira</h2>
<p style="text-align: justify"><a href="https://en.coin-turk.com/bitcoin-btc-and-anticipation-for-fed-expert-analysts-weigh-in/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (<a href="https://en.coin-turk.com/is-bitcoin-btc-gearing-up-for-a-new-surge/" data-wpel-link="internal" rel="noopener noreferrer nofollow">BTC</a>), on October 24, reached a record high of 1,019,860 Turkish liras (BTC/TRY), its all-time high against the Turkish lira. The record-breaking level of BTC/TRY is attributed to the expectations of the approval of a Bitcoin ETF in the United States in the near future, as well as the rise of the largest cryptocurrency against the US dollar, reaching the 35,000 level, and the renewed depreciation of the Turkish lira 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, the BTC/TRY trading pair is currently at 970,407 on the cryptocurrency exchange BtcTurk, slightly retracing from its all-time high. After 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.</p> Continue Reading: <a href="https://en.coin-turk.com/turkish-central-bank-raises-interest-rates-to-35/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/turkish-central-bank-raises-interest-rates-to-35/</a>

Turkish Central Bank Raises Interest Rates to 35%

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