Turkish central bank holds rates despite pressure from president
Erdoğan said earlier that inflation would fall once rates were cut, but MPC declines to cut
The monetary policy committee (MPC) of Turkey’s central bank kept its policy rate unchanged today (August 12), days after the country’s president called for a cut.
The Central Bank of the Republic of Turkey announced it was keeping its one-week repo auction rate at 19%. Year-on-year inflation in Turkey reached 18.95% in July, according to the official statistical agency TurkStat, well above the central bank’s target of 5% annual inflation.
Turkish president Recep Tayyip Erdoğan publicly called
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