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International Business Times

Business

Turkish Central Bank Raises Interest Rate To 46 Percent

Donald Trump Ekrem Imamoglu Turkey Inflation Istanbul United States

Turkey was roiled by street protests against the arrest and jailing last month of Istanbul's popular mayor, Ekrem Imamoglu, which sent the Turkish lira to record lows against the dollar (Credit: AFP)

Turkey's central bank hiked its key interest rate to 46 percent on Thursday after a month of protests over the arrest of Istanbul's opposition mayor and economic uncertainty provoked by US President Donald Trump's sweeping tariffs.

That represents the first hike since March 2024, in what economists hail as a "strong signal of commitment" to a tight monetary policy stance.

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