Part 5/8:
Interest Rate Shifts
In a significant policy change, after a period of controversial interest rate cuts under President Erdogan, Turkey has seen interest rates rise drastically—from 8.5% to 50%—over the past few months. This shift aims to combat persistent inflation. As of December 26, 2023, the rates were reduced to 47.5% following a decline in inflation, hinting at potential future reductions if economic conditions continue to improve.