Turkish central bank holds rates despite rising inflation

The Central Bank of the Republic of Turkey

The monetary policy committee (MPC) of Turkey’s central bank held rates, in spite of rising inflation, in the first meeting since the country’s president dismissed the previous governor.

The seven-member MPC kept the key one-week repo rate at 19%, despite citing a number of inflationary pressures. But the committee said that, depending on the progress of Turkey’s vaccination programme and the Covid-19 pandemic, there were risks to economic activity “in both directions”.

Its meeting was chaired

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