Asian Development Bank pledges $2 billion annually to Pakistan for climate, infrastructure projects
Premier says Armenia near ‘point of no return’ in ties with Russian-led military alliance
TRT World documentary Holy Redemption wins award at Al Jazeera Balkans film festival
Global law enforcement takes down encrypted platform used by organized crime groups
UK says Euro-Atlantic security is foreign affairs, defense priority
Explosion damages store in western German city of Cologne
European Court of Justice annuls $1.7B fine on Google
European Court of Justice annuls $1.7B fine on Google
Ukrainian boxer Usyk released after detention at Poland airport
Karmod expands steel housing projects to Greek island of Crete

Türkiye leaves interest rates unchanged, in line with expectations

Turkish Central Bank keeps policy rate at 50% for 5th straight month

Türkiye leaves interest rates unchanged, in line with expectations
2024-08-20 14:46:50

ANKARA

Türkiye's Central Bank on Tuesday kept the benchmark one-week repo rate constant at 50% for the fifth straight meeting, as widely expected.

Pointing to a slight hike in July inflation, the bank said indicators for the third quarter suggest that domestic demand continues to slow down with a diminishing inflationary impact.

Türkiye's annual consumer inflation significantly cooled to a nine-month low of 61.78% this July.​​​​​​​ On a monthly basis, consumer prices rose 3.23% from July, up from 1.64% in June.

"The decisiveness regarding tight monetary stance will bring down the underlying trend of monthly inflation through moderation in domestic demand, real appreciation in Turkish lira, and improvement in inflation expectations," the bank said in a statement.