Turkey’s Central Bank to decide on discount rate soon

The Central Bank of Turkey on February 17 will announce its decision on the discount rate for February, earlier the regulator left the rate unchanged at 14%, Report informs citing CNN Turk.

Last year, in December, the discount rate was reduced by 100 basis points, to 14% from 15%.

“The decision of the Central Bank on the interest rate will be announced on February 17 at 2 p.m. (GMT+3),” the channel reports.

In 2021, after several consecutive cuts in the discount rate of the Turkish Central Bank, the depreciation of the national currency accelerated sharply, which negatively affected the country’s financial system.

The collapse of the Turkish lira on November 23 last year by 18% was the highest in the last 20 years. The dollar exchange rate on December 20 reached a record 18.4 liras, while in January last year the dollar was worth 7.4 liras.