By Ed Frankl
Turkey's central bank held its benchmark interest rate on Thursday, commenting that services inflation still sticky and underlying pressures remain high.
The central bank kept the one-week repo at 50.0%, in line with expectations from a poll of economists by FactSet. The bank has gradually ramped up its interest rate from 8.5% since June last year, having last raised rates in March.
"The underlying trend of monthly inflation registered a limited decline in April," the bank said in a statement. Turkey's annual inflation rate rose for a sixth-straight month in April, reaching close to 70%.
However, recent indicators have pointed to a slowdown in domestic demand compared with the first quarter of the year, it added.
Write to Ed Frankl at edward.frankl@wsj.com
(END) Dow Jones Newswires
05-23-24 0728ET
