ANKARA — Turkey’s central bank on Thursday kept the country’s interest rates steady at 50% even as Turkey’s annual inflation continued to rise to 67.07% in March.

Central Bank Governor Fatih Karahan, who paid a visit to the United States last week for the IMF's spring meetings, reasserted the bank’s target of reducing inflation to 36%, during a presentation released by the bank. According to the bank's projections, inflation is expected to peak in May before starting to decline.

The decision comes after an unexpected hike of 500 basis points last month, increasing rates from 45% to 50%, as monetary tightening resumed after a one-month pause.

The tight monetary policy will be maintained until a decline in the inflation is observed, the monetary policy committee said last month when unveiling last month’s hikes.

Thursday’s decision had been predicted by most economists in a Reuters poll released earlier this week.

This is a developing story and will be updated.

QOSHE - Turkey’s Central Bank keeps interest rates at 50% despite rising inflation - Ezgi Akin
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Turkey’s Central Bank keeps interest rates at 50% despite rising inflation

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25.04.2024

ANKARA — Turkey’s central bank on Thursday kept the country’s interest rates steady at 50% even as Turkey’s annual inflation continued to rise to 67.07% in March.

Central Bank Governor Fatih Karahan, who paid a visit to the United........

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