Turkish central bank to implement inflation roadmap with gradual and decisive steps

Erkan's message of determination comes after the CBRT hiked its key interest rate by a larger-than-expected 750 basis points to 25% last week.

The rate hike was seen as a sign of the CBRT's commitment to addressing the country's rebounding inflation, which hit a 20-year high of 78.62% in May.

Erkan said that the CBRT will continue to take necessary measures to bring inflation down to its medium-term target of 5%.

Türkiye's inflation has been on the rise in recent months, driven by a number of factors, including the depreciation of the Turkish lira, rising energy prices, and supply chain disruptions.

The CBRT's rate hike is the latest in a series of measures taken by the government to try to control inflation.

The government has also implemented a number of other measures, such as a ban on exports of certain goods and a cap on the interest rates that banks can charge on loans. (ILKHA)