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Turkey raises the standard interest rate to 15% to support crippling currency

Turkey raises the standard interest rate to 15% to support crippling currency

On Thursday, Turkey’s central bank raised the standard interest rate from 4.75 percentage points to 15%. This decision came closely after President Recep Tayyip Erdogan assured the commencement of a ’new era’ of economic management after Turkey saw inflation that perpetually ’scarred away foreign investors’ and crippled the weight of the currency.

Khwahish
Khwahish
M. Schlegel
M. Schlegel 1 weeks

HOLY MOLY. 15% is a LOT. I mean it was already obvious tht turkey has problems with stabilizing its currency and Erdogan meddling with it to boost economy and to gather support certainly didn’t help but that amount is still shocking.

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