Turkey’s central bank has ended its latest policy-setting meeting by keeping interest rates unchanged, halting a cycle of cuts initiated last September that economists warned was plunging the country into a deep economic crisis and eroding confidence in the bank’s ability to control inflation.
The central bank on Thursday voted to keep its benchmark interest rate steady at 14 percent. The move was widely expected after a series of interest rate cuts late last year championed by Turkish President Recep Tayyip Erdogan lowered borrowing costs by 5 percentage points and triggered a run on the lira that saw the Turkish currency crash.
