Turkey keeps interest rates unchanged
Central bank says people’s inflation expectations are more pessimistic than its own
The Central Bank of the Republic of Turkey (CBRT) held its key interest rate at 50% today (August 20), even though annual inflation declined in July.
The bank said it took into account the fact that monthly inflation had risen in July and the lagged effects of monetary tightening to maintain its restrictive stance.
Annual inflation fell to 61.78%, down from 71.6% in June – the largest drop since December 2022. However, monthly inflation rose to 3.23% from 1.64% over the same period.
The central
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