The Central Bank of the Republic of Turkey (CBRT) announced on Thursday that it decided to keep its policy rate, or the one-week repo auction rate, unchanged at 50%.
"The underlying trend of inflation registered a decline in October. Indicators for the last quarter suggest that domestic demand continues to slow down, reaching disinflationary levels. While core goods inflation remains low, signs of an improvement in services inflation have become more apparent. Unprocessed food inflation remains elevated due to temporary supply conditions," the central bank said in a statement.
The CBRT emphasized that it will maintain its restrictive monetary policy until "a significant and sustained decline in the underlying trend of monthly inflation is observed."
