In a widely anticipated move, the CBRT increased the interest rate from 25 percent to 30 percent, aligning with market expectations.

In its official statement, the CBRT indicated its commitment to continue the process of monetary tightening with the aim of achieving disinflation, stabilizing inflation expectations, and curbing adverse developments in pricing behavior.

"The Committee decided to continue the monetary tightening process in order to establish disinflation as soon as possible, anchor inflation expectations and contain the deterioration in pricing behavior," the statement read.

The Central Bank also emphasized its intention to sustain interest rate hikes in the future, stating: "Monetary tightening will be gradually strengthened when and to the extent necessary until a significant improvement in the inflation outlook is achieved."

According to the bank, the move is aimed at addressing the ongoing inflationary pressures in the country and ensuring the stability of the Turkish economy. (ILKHA)