Turkey’s central bank raises interest rate to 50%

Turkey’s central bank raised its key interest rate, the one-week repo rate, from 45% to 50%, the bank's press service reported, citing the continuing need to counter climbing inflation in the country.

“The Committee closely monitors the alignment of inflation expectations and pricing behavior with projections, and the impact of wage increases on inflation," the bank’s Monetary Policy Committee said.

The rate decision was taken just over a week before nationwide local elections in Turkey on March 31.