Turkey's central bank leaves key interest rates on hold

Turkey's central bank leaves key interest rates on hold

Turkey's central bank leaves key interest rates on hold

Turkey's central bank left its main interest rates unchanged on Thursday, holding steady in line with market expectations after inflation edged off a 14-year high last month.

The Central Bank will keep interest rates on hold, in line with expectations, according to a statement released by the bank on January 18.

The overnight marginal funding rate was kept at 9.25 percent and the borrowing rate was retained at 7.25 percent. Domestic demand continues to expand and external demand contributes positively to exports. "Accordingly, the committee has made a decision to maintain the tight monetary policy stance", the bank said in the statement.

The statement also noted that the CBRT will "continue to use all available instruments in pursuit of the price stability objective".

"A strong monetary policy stance will be maintained, while inflation forecasts do not show any significant improvement despite temporary effects", said the Central Bank of Turkey's Monetary Policy Committee in a statement. It added that inflation expectations, pricing behavior and other factors affecting inflation will be closely monitored and, if needed, it will pursue further monetary tightening. According to the bank's program, the next meetings will be held on March 7, April 25, June 7, July 24, September 13, October 25, and December 13.

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