Türkiye's central bank maintains 50% interest rate for third consecutive month

The Central Bank of Türkiye has once again held its benchmark interest rate steady at 50% for the third month in a row, as the country grapples with soaring inflation.

According to Report, in a press release on the regulator's website, the bank stated, "The tight monetary policy will be maintained until there is a significant and sustained decline in the underlying trend of monthly inflation and inflation expectations align with the projected range."

Türkiye's medium-term inflation target stands at 5%. Inflation in Türkiye reached 75.45% in May, the highest level since November 2022. This economic turmoil has put immense pressure on the Turkish lira, which recently hit a new record low, falling below 33 lira per US dollar.