Turkey keeps rates level as lira hits dollar low

CBRT governor Erdem Başçı

The Central Bank of the Republic of Turkey (CBRT) today (August 18) held its key policy rate steady at 7.5% for the sixth consecutive month, despite growing downward pressure on the Turkish lira. After the decision, the lira hit 2.8850 against the dollar, its lowest ever level.

Strong political pressure is likely to have affected the bank's actions, a private sector analyst told Central Banking. "Since the June elections, political interference on the CBRT decision-making process seemed to have

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