Turkish central bank holds rates despite 70% inflation
Turkish lira reaches record low as central bank promises inflation will fall to 5%
Turkey’s central bank kept interest rates unchanged despite another extremely sharp rise in official inflation.
The monetary policy committee issued a statement on May 26 saying it was keeping the policy rate at 14%. Turkey’s statistical agency said that year-on-year inflation reached just under 70% in April, up from 61% the previous month.
Turkish inflation was well above the central bank’s 5% medium-term target before the end of Covid-19 restrictions and Russia’s invasion of Ukraine. The
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