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 hike 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 — their biggest monthly jump since August — according to the Turkish central bank’s figures. The consumer price index rose 64.8% year-on-year in January.
This is a developing story and will be updated shortly.