Turkish central bank holds rates despite pressure from president

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CBRT

The monetary policy committee (MPC) of Turkey’s central bank kept its policy rate unchanged today (August 12), days after the country’s president called for a cut.

The Central Bank of the Republic of Turkey announced it was keeping its one-week repo auction rate at 19%. Year-on-year inflation in Turkey reached 18.95% in July, according to the official statistical agency TurkStat, well above the central bank’s target of 5% annual inflation.

Turkish president Recep Tayyip Erdoğan publicly called

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