Turkey’s Central Bank sticks to its policy interest rate of 14 percent

The Central Bank (CBRT) decided to keep the policy interest rate steady at 14 percent in line with expectations. The Bank had reduced its policy interest rate by 500 basis points in total, in its September October November and December meetings.

The Central Bank had cut the policy rate to 14 percent at the meeting of the Monetary Policy Board in December. In decision text published at the time the bank had said “The cumulative effects of the decisions taken will be closely monitored in the first quarter of 2022 and a wide-ranging policy framework review process will be conducted to reshape price stability on a sustainable basis during this period.”