On Thursday, Turkey’s central bank raised its key interest rate by 475 basis points to 15 percent and pledged to remain tough on inflation. The move is in line with expectations following the appointment of a new central bank governor and Minister of Treasury and Finance with the last two weeks. The lira has recovered much of the value it lost vis-a-vis the dollar since the summer on the expectation of a more traditional monetary policy.

Turkey will make structural reforms to improve the investment climate for domestic and international entrepreneurs, the country’s recently appointed treasury and finance minister Lutfi Elvan said on November 17 in front of the Grand National Assembly. Elvan also said that the country will provide price stability, protect fiscal discipline, increase coordination between monetary and fiscal policies and enhance the investment climate.