Turkey cenbank says to stick to tight policy until inflation outlook improves | Reuters


ISTANBUL, June 15 Turkey’s central bank said on
Thursday it will keep monetary policy tight until the inflation
outlook displays a significant improvement, after inflation last
month edged off an eight-year high.

In a statement after keeping its main interest rates
unchanged, the bank said the current elevated levels of
inflation posed risks to pricing behaviour and it would deliver
further monetary tightening if needed.

The meeting was the central bank’s second since the April 16
referendum in which Turks narrowly backed constitutional changes
to give President Tayyip Erdogan sweeping new powers.

Erdogan, who wants cheap credit to boost growth, has long
opposed high interest rates and the central bank has resorted to
unorthodox tightening moves, heightening the perception it wants
to avoid a conventional rate hike.
(Writing by Daren Butler; Editing by David Dolan and Toby

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