Turkey’s central bank kept its main interest rate unchanged for a fifth month running on Thursday despite an annual inflation rate of nearly 70%.
The bank said it would keep its policy rate “constant” at 14%, arguing inflation was driven by geopolitical developments and the “temporary effects of pricing formations." The bank set its expectation for disinflation to begin following measures for price stability and the resolution of an ongoing regional conflict, an apparent reference to Russia's war in Ukraine.
