Turkey raises minimum wage, keeps interest rates unchanged
Inflation is running rampant in Turkey, but the president continues to stubbornly reject higher interest rates.
Turkey is finished cutting interest rates in 2022.
The Turkish Central Bank’s Monetary Policy Committee said Thursday that it would keep its main policy rate at 9%. The bank said that Turkish economic growth is “strong,” but that there are concerns about the global economy.
“Considering the increasing risks regarding global demand, the committee evaluated that the current policy rate is adequate,” read the statement.
The committee did not specify what it meant by global demand, but mentioned manufacturing. There is a global supply chain crisis happening at present.
