CBRT Keeps Interest Rates Unchanged

On Thursday, the Turkish central bank kept interest rates unchanged at 10.25%, which was contrary to speculation of a large increase.

A poll of 17 economists conducted by Reuters had expected the bank to raise its repurchase rate (repo) for a week 175 basis points, as forecasts ranged from increases of 100 to 300 basis points.

The bank surprised the markets last month by raising rates by 200 basis points, tightening policy for the first time in two years as it sought to curb inflation.