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AP National Business

Turkish central bank doesn’t change rates as inflation soars

KVIA
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Published 7:10 AM

By ZEYNEP BILGINSOY
Associated Press

ISTANBUL (AP) — Turkey’s central bank has kept interest rates unchanged for a third month as consumer prices surge at an eye-popping pace. The decision Thursday comes after a series of rate cuts last year triggered a currency crisis that has made it difficult for people to buy basic goods. The latest official statistics showed inflation above 54.4%. Turkish President Recep Tayyip Erdogan is a self-proclaimed enemy of high interest rates and has pressured the central bank into lowering borrowing costs in his bid to boost growth. The central bank began lowering rates in September despite high inflation and continued cuts until December.

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