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You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/turkeys-central-bank-hikes-interest-rates-to-45" rel="noopener noreferrer nofollow">Turkey’s Central Bank Hikes Interest Rates to 45%</a> 
The Central Bank of Turkey (TCMB) has raised its policy interest rate by 250 basis points to 45%, in line with expectations, marking a continued trend of rate hikes over the last eight meetings. This move follows a series of increases throughout the previous year, starting with a shift in monetary policy in June 2023, which ended a 27-month period of rate cuts and initiated a tightening phase.
Under the leadership of the new governor, Hafize Gaye Erkan, the Central Bank began its tightening cycle in June with a significant increase in the policy rate to 15%. This was followed by further hikes in subsequent months, reaching 25% in August, 30% in September, 35% in October, and 40% in November.
The December meeting saw another increase of 250 basis points, bringing the policy rate to 42.50%. The latest hike to 45% continues the trend of monetary tightening as the Central Bank aims to navigate economic challenges.
Concurrently, <a href="https://en.bitcoinhaber.net/fierce-fee-competition-among-bitcoin-etf-contenders" rel="noopener noreferrer nofollow">Bitcoin</a> has experienced fluctuations against the Turkish Lira, reaching an all-time high of 1,476,497 Lira on January 8, 2024, but has since seen a decline in value. At the time of writing, Bitcoin has dropped by 1.11% in the last 24 hours on the Binance exchange, trading at 1,218,968 Lira.
The impact of the Central Bank’s recent interest rate hike on Bitcoin’s trajectory against the Turkish Lira remains to be seen. However, the rising interest rates may lead investors to move away from riskier assets like Bitcoin.
<h5>The post first appeared on BH NEWS: <a href="https://en.bitcoinhaber.net/turkeys-central-bank-hikes-interest-rates-to-45" rel="noopener noreferrer nofollow">Turkey’s Central Bank Hikes Interest Rates to 45%</a></h5>

Turkey’s Central Bank Hikes Interest Rates to 45%

BH NEWS

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