Good news for savers as the bank increases interest rates again.

Turkey’s central bank raised interest rates by 0.25% yesterday in an effort to stop the increase in inflation.

Interest rates now stand at 17.50%.

Savers in the Turkish Lira should now see their rates increase by a similar amount. At a rate of 17.50% the saver would see an annual return of 1,487 YTL per 10,000 YTL after the government tax of 15% is deducted.