Post: Turkish Central Bank Keeps Interest Rate at 50 Percent

The Turkish Central Bank on Tuesday kept the interest rate fixed at 50 percent on repurchase operations (repo) for a week. The Monetary Policy Committee of the Turkish Central Bank said in a statement that it decided to keep the interest rate constant, and that the tight monetary policy stance will be maintained until a significant and permanent decline in the basic trend of monthly inflation is achieved. It noted that the main indicators of monthly inflation this July show the possibility of an increase as a result of price and tax adjustments. The committee added that the Turkish Central Bank will closely monitor indicators related to inflation and its basic trend, and that the committee will firmly use all available tools to achieve the main goal of price stability. The Central Bank had fixed the interest rate at 50 percent, during its previous meeting on June 25. Source: Qatar News Agency