Turkey's central bank on April 15 held its main interest rate at 19 percent in the first decision since President Recep Tayyip Erdoğan sacked its former governor.
In its fourth Monetary Policy Committee (MPC) meeting under new Governor Şahap Kavcıoğlu, the bank made no changes to its benchmark policy rate - also known as the one-week repo rate- keeping it at 19%.
Erdogan this month fired bank governor Naci Agbal who had increased the country’s policy interest rate by a total of 875
The Turkish Central Bank will ensure the strength and credibility of the Turkish lira with the determination of its fight against inflation, the bank's new governor said on March 30.
"We will continue to use all the tools we have, independently and effectively," Şahap Kavcıoğlu said during an ordinary general assembly of bank officials.
Turkey's central bank on March 18 hiked its main interest rate by a higher-than-expected 200 basis points to 19 percent to counter rising inflation and the dropping value of the lira.
The bank said it "has decided to implement a front-loaded and strong additional monetary tightening" after seeing the annual inflation rate climb to 15.6 percent last month.
The Board of the National Bank of Romania (BNR) decided today to keep the benchmark interest rate unchanged at 1.25 pct per annum, the central bank said in a release. The monetary authority also decided to maintain the deposit facility rate at 0.75 pct per annum and the lending facility rate (Lombard) at 1.75 pct per annum.
Romania's annual inflation rate rose to 3.2 percent in February this year from 2.99 the month before, as non-foods grew by 3.8 percent more expensive, food prices advanced 2.7 percent and service prices 2.32 percent, shows data released on Thursday by the National Institute of Statistics (INS). "Year-over-year, February's consumer prices were 3.2 percent higher.
The Turkish Central Bank is focusing on ensuring permanent price stability while implementing a steady monetary policy, the bank's Governor Naci Ağbal said on March 5.
"We will continue to take firm steps towards achieving price stability through a confidence-oriented monetary policy in the upcoming period," Ağbal wrote on the bank's blog.