Turkey holds rates again despite soaring inflation

The Central Bank of the Republic of Turkey
Photo: CBRT

The monetary policy committee of Turkey’s central bank again held policy rates steady despite inflation reaching its highest level in years.

The Central Bank of the Republic of Turkey’s MPC announced it was holding the one-week repo auction rate at 14%. Figures from the official statistical agency TurkStat showed year-on-year inflation rising to 54.4% in February, up from 48.6% in January and 36% in December.

Turkish president Recep Tayyip Erdoğan has dismissed the central bank’s last three

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