Turkey's central bank is leaving the interest rate unchanged at 50 per cent, for the third month in a row.
The announcement is in line with market expectations, where economists at major banks such as Bank of America and Morgan Stanley are counting on an interest rate cut in Turkey not until the end of the year or early 2025.
Inflation in Turkey has recently risen to 75 per cent, which erodes the purchasing power of Turkish households and companies. The central bank is now hoping that the high interest rate will push inflation down to 38 per cent by the end of the year.
