Türkiye’s Central Bank reported that its official international reserves reached an all-time high of $198.4 billion as of October 17, according to figures released Thursday.

The Turkish Central Bank on Thursday raised its policy rate by 350 basis points, despite market forecasts the rate would be left unchanged.

Fatih Karahan, governor of the Central Bank of the Republic of Türkiye (CBRT), said Wednesday that they will maintain a tight monetary policy stance until a permanent fall in inflation and price stability is achieved.

The Central Bank of Türkiye (TCMB) has kept the refinancing rate unchanged, which was 50 percent, News.az reports via TCMB.