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Turkish Central Bank keeps interest rates high as inflation weighs on economy

Cornered by rising inflation and a weakening currency, Turkey’s Central Bank kept its benchmark interest rate steady at 19% on May 6 as policymakers await positive signals.
Women sit next to an exchange office at Laleli in Istanbul, Turkey, March 22, 2021.

ISTANBUL ­­— Turkey’s Central Bank policymakers kept interest rates steady May 6 for a second meeting in a row, seeking to keep them above the nation’s rising inflation and anchor the Turkish lira after a recent slide.

In a statement issued with Thursday’s decision, the bank’s Monetary Policy Committee said it would hold its benchmark interest rate at 19% and keep the stance until a “significant fall” in inflation.

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