Turkey’s central bank ends string of interest rate cuts

ANKARA, Turkey (AP) — Turkey’s central bank has kept a key interest rate unchanged, halting a string of rate cuts that triggered a currency crisis and sent prices skyrocketing. The bank’s Monetary Policy Committee said Thursday that it has decided to keep its policy rate “constant” at 14%. The moves puts on hold a rate-cutting policy that has reduced borrowing costs by 5 percentage points since September despite soaring inflation. By contrast, many other central banks have increased rates to control surging prices. Turkish President Recep Tayyip Erdogan insists on lowering borrowing costs to boost growth. He has long argued that high interest rates cause inflation, even though economists say raising them is the way to tame soaring prices.