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Central Bank of the Republic of Turkey kept interest rates unchanged at 14%

The Central Bank of the Republic of Turkey (CBRT) Monetary Policy Committee left the one-week repo auction rate, which is the policy rate, unchanged at 14%.

In the statement made after the Monetary Policy Committee convened under the chairmanship of Central Bank Governor Sahap Kavcioglu, it was stated that geopolitical risks, whose impact continues to increase, keep the downside risks on global and regional economic activity alive and cause uncertainties to increase.

In the announcement, it was stated that the increasing uncertainties in global food security with the trade bans, the high course of commodity prices, the supply constraints in some sectors, especially in basic food and energy, and the high level of transportation costs caused an increase in producer and consumer prices on an international scale.

“The effects of high global inflation on inflation expectations and international financial markets are closely monitored. However, central banks of developed countries emphasize that the rise in inflation may take longer than expected due to rising energy prices and supply-demand mismatch.”

Source: Sabah / Translated by Irem Yildiz

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