Turkey’s central bank has decided to keep interest rates steady as the Turkish lira depreciated further, the Diken news website reported on Thursday.
The bank at its monetary policy board meeting for the month of April agreed to maintain the policy interest rate at 24 percent.
The board also announced that its future monetary policy would be guided by the quest to keep inflation at levels compatible with the government target.
“The Board has decided to maintain a tight monetary policy until visible improvements are seen in the inflationary outlook,” it said.
However, its written statement did not promise “further monetary consolidation if needed” as it had done back in March.
The Turkish lira continued its downward trend after the announcement, losing value against the dollar from 5.89 to 5.96.