Turkey Becomes 3rd Country with Highest Interest Rates

Click to read the article in Turkish

The Central Bank of the Republic of Turkey (TCMB) Monetary Policy Committee raised the political interest rate from 17.75 percent to 24 percent today (September 13).

CLICK - Central Bank Increases Interest Rate by 6.25 Points

With this interest rate hike, the political interest rate has reached the highest level since February 2004. Moreover, Turkey, which previously ranked seventh in the world in terms of political interest rates, has become the third country in that regard.

Following the decision of Central Bank to increase the political interest rate, Turkey has become the third country with the highest political interest rate after Argentina and Suriname.

In Argentina, which has been hit by an economic crisis, the political interest rate is currently 60 percent. As for Suriname, which is the smallest country in South Africa, a political interest rate of 25 percent has been in effect.

In Turkey, with the recent decision of the Central Bank, the political interest rate has reached the level of 24 percent.

In the list of countries with the highest political interest rates, Turkey is followed by Venezuela, where the current inflation rate is around 200 thousand percent and the economic crisis is gradually worsening. The political interest rate in Venezuela is 20.56 percent.

The countries with the highest political interest rates are as follows:

(HA/SD)