The overnight lending rate was also kept at 9.25 percent and the overnight borrowing rate at 7.25 percent.
Statement by the Central Bank of the Republic of Turkey:
Current elevated levels of inflation and inflation expectations continue to pose risks on the pricing behavior. Accordingly, the Committee decided to implement a strong monetary tightening to support price stability.
The Central Bank will continue to use all available instruments in pursuit of the price stability objective. Tight stance in monetary policy will be maintained decisively until inflation outlook displays a significant improvement.
It should be emphasized that any new data or information may lead the Committee to revise its stance.