The Central Bank of the Republic of Turkey (CBRT) kept its key interest rate at 50% on August 20, despite a decline in annual inflation in July, News.Az reports citing Central Banking.
The bank said it took into account the fact that monthly inflation had risen in July and the lagged effects of monetary tightening to maintain its restrictive stance.
Annual inflation fell to 61.78%, down from 71.6% in June – the largest drop since December 2022. However, monthly inflation rose to 3.23% from 1.64% over the same period.
