The Turkish Central Bank is expected to increase interest rates, according to a panel of economists surveyed by Anadolu Agency on Friday.

The Monetary Policy Committee (MPC) meeting will be held on Thursday to announce the bank’s decision on interest rates.

All 17 economists surveyed predicted a rise in interest rates, ranging between 100 and 200 basis points.

The survey also showed that economists’ average year-end interest rate forecast is 12.25%, ranging from 11.75% to 15%.

Last month, the Central Bank raised its one-week repo rate – also known as the bank’s policy rate – by 200 basis points from 8.25% to 10.25%. The move surprised the market.

Last year, in eight meetings, the bank cut the rate by a total of 1,200 basis points, from 24%.

After holding eight meetings last year, this year the bank boosted the number of MPC meetings to 12.

*Written by Aysu Bicer

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