Turkish central bank keeps interest policy rate unchanged at 8.5 pct

0 Comment(s)Print E-mail Xinhua, May 25, 2023
Adjust font size:

ANKARA, May 25 (Xinhua) -- Türkiye's central bank decided to keep its interest rate unchanged at 8.5 percent on Thursday before the upcoming runoff presidential elections on May 28th.

The bank said in a statement that it had decided to keep the policy rate unchanged in order to "preserve the growth momentum in industrial production and the positive trend in employment after the earthquake."

It added that the current monetary policy stance was "adequate to support the necessary recovery in the aftermath of the earthquake by maintaining price stability and financial stability."

The bank's decision is likely to disappoint many economists, who had expected it to raise rates in order to combat inflation.

However, the decision is in line with President Recep Tayyip Erdogan's economic policies, which have been characterized by low-interest rates and a focus on economic growth.

In February, the bank delivered an interest rate cut from 9 percent to 8.5 percent despite high inflation and the Feb. 6 massive quake disaster that killed more than 50,000 in the country.

The country will go to polls on Sunday for the second round of presidential elections. Enditem

Follow China.org.cn on Twitter and Facebook to join the conversation.
ChinaNews App Download
Print E-mail Bookmark and Share

Go to Forum >>0 Comment(s)

No comments.

Add your comments...

  • User Name Required
  • Your Comment
  • Enter the words you see:   
    Racist, abusive and off-topic comments may be removed by the moderator.
Send your storiesGet more from China.org.cnMobileRSSNewsletter