Turkish central bank keeps key interest rate unchanged at 9% for second month in a row

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The Central Bank of Turkey decided to maintain its basic interest rate at 9% for the second month in a row, after completing a monetary policy meeting this Thursday (19) amid the slowdown in domestic inflation.

Before December, the Turkish Central Bank had cut its main rate by 500 basis points, under pressure from the country’s president, Recep Tayyip Erdogan, even after inflation reached the highest level in 25 years.

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In December, however, the Turkish annual consumer inflation rate (CPI) decelerated significantly, to 64.3%, the lowest level in nine months. In November, the rate had been 84.4%.

In a statement, the Turkish Central Bank assessed that the inflation trend had improved, but also pointed to cooling demand. “It is extremely important that financial conditions remain favorable for the sustainability of structural gains in supply and investment capacity (…) in a period of growing uncertainties regarding global growth, as well as a new escalation in geopolitical risks”, said the BC of Turkey.

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Source: CNN Brasil

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