A top business body in Turkey praised the country’s Central Bank on Thursday for its decision to raise interest rates, saying it was an important sign showing the country is entering a new era.

Turkey’s Central Bank on Thursday increased its one-week repo rate — also known as the bank’s policy rate — from 10.25% to 15%, tightening its monetary policy to ensure price stability.

In a written statement, the Turkish Industry and Business Association (TUSIAD) said every step taken in the fight against inflation would help set the course for harmony with the market, and support the economy as well as “medium-term employment growth.”

The association also expressed its belief that steps would be taken “consistently to ensure full market confidence in the short term.”

Tightening its monetary policy to ensure price stability, the Central Bank made it clear that all factors affecting inflation will be taken into account to ensure price stability.

Last week’s shake-up of the economic management team followed by comments from President Recep Tayyip Erdogan had raised expectations of a sharp interest rate hike at the meeting.

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