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TCMB, the eagerly awaited interest rate decision was announced. Accordingly, the TCMB Monetary Policy Committee raised the policy interest rate by 250 basis points to 42.5% at its regular meeting in December.
<h2 style="text-align: justify" id="strong-this-was-the-7th-interest-rate-hike-since-june-strong">This Was the 7th Interest Rate Hike Since June</h2>
This decision was taken after six separate interest rate hikes of 650 basis points in June, 250 in July, 750 in August, and 500 each in September, October, and November. In total, in addition to the 3,150 basis points of interest rate hikes, the most recent decision brings the total increase within six months to 3,400 basis points. In other words, the interest rate has increased by 34% during this period. After last month’s interest rate hike by the TCMB, it was the first time since November 2021 that real positive interest rates were achieved.
According to a survey of economists conducted by AA Finans, economists had predicted that the TCMB would raise the policy interest rate by 250 basis points to 42.5%. The TCMB Monetary Policy Committee, in line with expectations, increased the policy interest rate by 250 basis points to 42.5%.
<h2 style="text-align: justify" id="strong-the-depreciation-of-the-turkish-lira-benefits-bitcoin-strong">The Depreciation of the Turkish Lira Benefits Bitcoin</h2>
On the other hand, the cryptocurrency market continues to rise with the expectation of a spot <a href="https://en.coin-turk.com/bitcoin-price-plummets-on-binance-australia-amid-regulatory-pressure/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> ETF coming from the USA. After Bitcoin rose above $44,000 and then retreated following a sharp decline in US stock markets, it is now approaching the $44,000 threshold again. At the time of writing, Bitcoin is seen trading against the US dollar at $43,911.
<img fetchpriority="high" decoding="async" class="aligncenter size-full wp-image-292061" src="https://coin-turk.com/wp-content/uploads/2023/12/TCMB-Bitcoin-Faiz.jpeg" alt="" width="1280" height="720">
The rise of Bitcoin against the US dollar, along with the fall of the Turkish lira against the US dollar, has led to the largest cryptocurrency continuously breaking records against the Turkish lira. Current data shows that Bitcoin has risen by 2.78% against the Turkish lira in the last 24 hours, reaching a level of 1.28 million lira.
Furthermore, the data indicates that Bitcoin’s price has increased by 2.38% against the Turkish lira in the last 7 days, and by 17.78% in the last 30 days. Continue Reading: <a href="https://en.coin-turk.com/central-bank-of-turkey-raises-interest-rates-to-42-5/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/central-bank-of-turkey-raises-interest-rates-to-42-5/</a>

Central Bank of Turkey Raises Interest Rates to 42.5%

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