Turkey ends hiking cycle after 8 months, holding key rate at 45%


Turkish flag over a DenizBank building. Turkey is expected to head to the polls on Sunday.

Ismail Ferdous | Bloomberg | Getty Images

Turkey’s central bank held its key interest rate on Thursday, keeping it at 45% despite soaring inflation after eight consecutive months of hikes.

The move was widely expected as the bank indicated in January that its 250-basis-point hikes would be its last for the year, despite inflation now at roughly 65%.

Consumer prices in the country of 85 million last month jumped 6.7% from December — its biggest monthly jump since August — according to the Turkish central bank’s figures. They rose 64.8% year-on-year in January.

Turkey’s key interest rate climbed by a…


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