Pak Sahafat – The bank interest rate in Turkey increased again and reached 17.5%, while the president of this country, Recep Tayyip Erdogan, during the recent election campaigns, which led to the victory of his ruling Justice and Development Party, always promised it would reduce and maintain bank interest in lower figures.
According to Pak Sahafat News Agency and according to the announcement of Khabar website 7 in its latest decision, the Central Bank of Turkey increased the bank interest rate in this country by 2.5% to 17.5% after increasing it by 6.5% a month ago.
Turkish economists predict that the interest rate in this country may be set between 25 and 50 percent by the end of this year, and some media have also announced that the interest rate in Turkey is expected to stabilize at 28.5 percent by the end of 2023.
According to Khabar 7, economists expected a five percent increase in interest rates, but after Turkey signed a $50.7 billion contract with the United Arab Emirates and attracted capital from Saudi Arabia and Qatar during Erdogan’s visit to these three Arab countries on the Persian Gulf And with the light of the new currency entering the Turkish economy, which the media refer to as “hot money”, the country’s central bank announced a lower rate increase.
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The Turkish media mentioned the interest rate increase as one of the policies of the Minister of Finance and Treasury and the new head of the Central Bank of Turkey and the mandatory maintenance of bank interest in this country in the conditions of over 40% inflation as one of the reasons for the continuation of inflation and the devaluation of the national currency.
Despite the announcement of new interest rates and the signing of economic contracts worth over 100 billion dollars during Erdogan’s visit to the three western countries of the Persian Gulf, the upward trend of foreign exchange rates in this country did not stop.
The analysis of the exchange rate in Turkey shows that the Turkish lira has continued to depreciate in recent days, so that the country’s national currency has decreased by 34.7% from 19.96 lira to 26 lira compared to 2 months ago. 89 lira, the price has increased.
NTV announced that the selling rate of each dollar in the currency market of this country today is 26.89 liras and the selling rate of each euro is 29.91 liras and wrote: The increase in the value of the dollar and euro against the lira has reached about 35% after the elections.
According to this media, the rate of each euro in the Turkish currency market before the second round of the presidential election on May 28 was about 22 liras, which increased by about 36% to 29.91 liras today.