Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.
Sheikh Qassem: The government’s latest decision [on the disarmament of the Resistance] is non-charter-based, and if the government continues down this path, it is not faithful to Lebanon’s sovereignty.

Turkey's key interest rate may hike up to 40% this week: Reports

  • By Al Mayadeen English
  • Source: Agencies
  • 20 Jun 2023 15:57
3 Min Read

Experts are expecting the Central Bank to increase the interest rate by 15-20% this week.

  • x
  • A picture shows the logo of Turkey's Central Bank (TCMB) at the entrance of the bank's headquarters in Ankara, Turkey. (AFP)
    A picture shows the logo of Turkey's Central Bank (TCMB) at the entrance of the bank's headquarters in Ankara, Turkey. (AFP)

Turkish sources reported on Tuesday that the Central Bank of Turkey is likely to announce in the near future an increase in the key interest rate from 8.5% to as high as 40% this week. 

The measure will aim to support the depreciating Turkish lira, reports say. 

According to the Turkish-based Milliyet paper, experts are expecting that the Central Bank will increase the interest rate by 15-20% this week.

Some suspect that an additional 5% will be added within the next two meetings, while others believe that the Bank may instead implement a one-time hike to 30-40%.

The move is intended to encourage an influx of foreign investments into the Turkish economy in order to restore trust in the Turkish lira's value, the report added. 

Read more: In record low, Turkish lira devalues by 7%

Since the beginning of the week, the national currency against foreign currencies has struggled to recuperate, with the US dollar reaching a new high of 23.63 lira per dollar Tuesday.

Related News

Over 20 world leaders to join SCO summit in Tianjin

Turkish ports require ships to declare no ties to 'Israel'

At the beginning of this year, the price of a dollar was at 18.73 Turkish lira. Before the first round of the presidential election on May 1, it rose to 19.6 lira and accelerated after it.  

Despite the Lira's decline, earlier reports indicate that the Turkish central bank has kept its benchmark interest rate at relatively low levels over the past two years. In early 2021, the rate was set at 19%. It decreased to 8.5% in February this year and continues to be at that level ever since. 

Turkish President Recep Tayyip Erdogan, who was recently re-elected for a third term, announced on Saturday the appointment of former Merrill Lynch economist, Mehmet Simsek, as finance minister.

Simsek formerly served as a finance minister and deputy prime minister in past governments ruled by Erdogan's AKP and is known for opposing the Turkish leader's economic policy to slash interest rates amid rising inflation.

During the term of former central bank chief Sahap Kavcioglu, the interest rate was lowered to 8.5 percent after being 19 percent in 2021.

In May, the country's inflation rate dropped to under 40 percent, a 16-month low.

Erdogan began curring interest rates to keep investment cheaper and growth more possible, but after inflation started running wild by hitting an estimated 85% annual rate late last year, the president was keen on keeping interest rates low to attract more growth. Unfortunately, that came at the price of the Turkish lira which plummeted gravely.

Read more: Investments pour into Turkey over optimism in Erdogan's economic team

  • Turkey
  • Turkish Central Bank
  • Turkish Economy
  • Turkish lira

Most Read

Tom Artiom Alexandrovich, executive director of the defense division of the Israeli National Cyber Directorate, undated (Social media)

Israeli-born US prosecutor drops Israeli officer child sex crime

  • Politics
  • 19 Aug 2025
Displaced Palestinians walk through a makeshift camp along the beach in Gaza City, Sunday, Aug. 10, 2025 (AP)

Hamas, other factions accept Egypt-Qatar ceasefire proposal: Exclusive

  • Politics
  • 18 Aug 2025
Almost instantly after the Helsinki Accords were signed, organisations sprouted to document purported violations, whose findings were fed to overseas embassies for international amplification. (Al Mayadeen English; Illustrated by Zeinab el-Hajj)

How ‘Human Rights’ became a Western weapon

  • Opinion
  • 23 Aug 2025
Israeli soldiers stand on the top of armoured vehicles parked on an area near the Israeli-Gaza border, as seen from southern Israel, Wednesday, Aug. 20, 2025 (AP)

Palestinian fighters target Israeli soldiers, vehicles in Gaza

  • Politics
  • 21 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli Prime Minister Benjamin Netanyahu speaks during a press conference at the Prime minister's office in al-Quds, Occupied Palestine, Sunday, Aug. 10, 2025 (AP)
Politics

Netanyahu deliberately derailing truce with Gaza occupation: Hamas

Irish President Michael Higgins arrives to deliver his speech during a 42nd World Food Day celebration at FAO headquarters in Rome, on Oct. 16, 2023. (AP Photo/Alessandra Tarantino)
Politics

Irish president renews call for UN military intervention in Gaza

US Ambassador to Turkey and Special Envoy to Syria Tom Barrack speaks during an interview with The Associated Press at the US Embassy in Aukar, northern suburb of Beirut, Lebanon, Monday, July 21, 2025 (AP)
Politics

US envoy, Netanyahu discuss restraining attacks on Lebanon, withdrawal

Smoke billows following Israeli airstrikes in multiple areas in Sanaa, Yemen, Sunday, Aug. 24, 2025 (AP)
Politics

Ansar Allah vow sustained Gaza support despite Israeli strikes

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS