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The central Bank in Turkey kept its main interest rate unchanged on Thursday.
The bank said it would keep its policy rate constant at 14%, saying: “The escalating geopolitical risks has continued to be adversely realized and caused further weakening in the worldwide economic activity. Global growth forecasts for the upcoming period are being revised downwards and the likelihood of a recession has increased.”
According to the bank, producer and consumer price skyrocketed internatonally due to “increasing concern over global food security driven by trade restrictions, high and volatile course of commodity prices, and the persistence of supply constraints in some sectors, particularly in food.”
The banks also underlined that it closely monitored the situation regarding the effects of high global inflation on inflation expectations and international financial markets.
“The CBRT will continue to use all available instruments decisively within the framework of liraization strategy until strong indicators point to a permanent fall in inflation and the medium-term 5 percent target is achieved in pursuit of the primary objective of price stability,” reads the statement.
The Turkish lira stands at 17,67 against the US dollar by Thursday.
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