Turkey's central bank kept its key interest rate unchanged again on Thursday, as the country faces soaring inflation, which is putting pressure on households and the government of Tayyip Erdogan.
As reported by Agence France-Presse, the Turkish Central Bank on Thursday left its key interest rate at 14 percent for the second consecutive month after four consecutive rate cuts, which triggered a currency crisis in the country around the end of 2021, eroding the purchasing power of citizens.
Inflation soared to nearly 50% in January 2022, its highest level in 20 years, further reducing the purchasing power of Turkish citizens.
(CNA)
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