2023-04-27 11:04:38
The Turkish Central Bank kept interest rates unchanged for the second month in a row, in line with expectations, after cutting them by half a percentage point in February.
The Turkish Central Bank adopts an interest rate of 8.5 percent.
The Turkish Central Bank kept interest rates unchanged in the past January and December meetings after ending the easing cycle, which President Recep Tayyip Erdogan called for by cutting interest rates to less than 10 percent, despite the rise in inflation.
The Turkish economy suffers from major economic problems, most notably the decline in the lira’s prices against the dollar and high inflation.
The economic crises were exacerbated by the negative effects of the great earthquake, which claimed thousands of lives.
The United Nations said last March that the damage caused by the devastating earthquake that struck Turkey and neighboring Syria in February, which resulted in thousands of deaths and injuries, would cost Turkey more than $100 billion in losses.
Turkey’s consumer inflation rate fell slightly less than expected to 50.51 percent in March on an annual basis.
Inflation in Turkey was exacerbated by the currency crisis that the country witnessed at the end of 2021 and pushed consumer prices to a 24-year peak above 85 percent in October last year, before falling to 55.2 percent in February.
Consumer prices in March rose 2.29 percent month-on-month, less than the 2.85 percent expected in a Archyde.com poll.
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