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ISTANBUL: Turkiye’s central bank left its key interest rate steady at 45% on Thursday as expected after last month’s rate hike, but said the policy stance will be tightened if a significant and persistent deterioration in the inflation outlook is anticipated.

The monetary policy meeting came after Fatih Karahan was appointed central bank governor on Feb. 3 following the resignation of Hafize Gaye Erkan, saying she needed to protect her family from what she called a media smear campaign.

The bank has lifted its one-week repo rate by 3,650 points since June, after President Tayyip Erdogan prevailed in May elections and initiated a U-turn towards greater orthodoxy in economic policy.

Turkish unemployment rate dips to 8.8% in December

All 11 economists surveyed by Reuters forecast that the policy rate would be kept steady this month.

Presenting the bank’s quarterly inflation report this month, Karahan said it will maintain a tight policy stance until inflation drops to target, keeping a year-end inflation forecast of 36% despite expectations it might need to rise.

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