ECONOMY

Turkish rates kept steady

turkish-rates-kept-steady

Turkey’s central bank held its key interest rate steady at 19% as expected on Thursday and repeated a pledge to keep it above inflation, which the bank expects to cool after having risen beyond 17% as the lira depreciated.

The lira has shed 13% since mid-March when President Recep Tayyip Erdogan shocked markets by appointing as bank governor Sahap Kavcioglu, who had been an outspoken critic of Turkey’s tight monetary policy. [Reuters]