The Central Bank of Turkey left the key rate at 45%

The Monetary Policy Committee of the Central Bank of the Republic of Turkey (CBRT) kept the key rate unchanged at 45%.

Thus, the CBRT interrupted the cycle of raising the key rate, which began in June 2023, and kept it at 45%.

"The Board has concluded that the current level of the policy rate will be maintained until a significant and sustained reduction in the underlying trend of monthly inflation and inflation expectations is achieved. Monetary policy is expected to be tightened," the regulator's statement said.

Earlier, the regulator raised the rate for eight months. In January, the Central Bank predictably raised the key interest rate by 2.5 percentage points, from 42.5% to 45%. This level of the key rate has been the highest since 2003.