March 6, 2019 / 11:07 AM / in 2 months

Turkish cenbank keeps rates unchanged at 24 pct

ISTANBUL, March 6 (Reuters) - Turkey’s central bank left its benchmark interest rate unchanged on Wednesday as expected, soothing investor worries that it could loosen policy after inflation fell from a 15-year peak.

The one-week repo rate was held at 24 percent, having been raised 11.25 percentage points last year. In a Reuters poll, all 17 economists had said they expected the rate to be kept steady.

Inflation dropped below 20 percent in February, down from a 15-year peak of 25.24 percent in October. The central bank last hiked the repo rate in September to support the ailing Turkish currency.

The lira shed around 30 percent against the dollar last year over concerns about a diplomatic rift with the United States and the central bank’s independence given pressure from President Tayyip Erdogan to cut borrowing costs to boost growth.

Writing by Ezgi Erkoyun Editing by Dominic Evans

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