Turkish Central Bank Holds Key Interest Rate at 45% Despite Soaring Inflation

The central bank of Turkey's decision

Steady Key Interest Rate Despite High Inflation

The central bank of Turkey kept its key interest rate steady at 45% despite high inflation after several months of increases. This decision was anticipated after the bank signaled that its 250-basis-point hike in January would be the final one for the year, despite inflation reaching around 65%. Last month, consumer prices in the country of 85 million rose by 6.7% from December. According to the Turkish central bank, the consumer price index increased by 64.8% year-on-year in January. This is an ongoing situation and will be revised soon.