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Turkey Pauses Interest Rate Cuts After Surge in Inflation

  • Central bank held key rate at 14%, in line with forecasts
  • Erdogan signals more gradual easing in 2022 as economy adjusts
Sahap Kavcioglu

Sahap Kavcioglu

Photographer: Ali Balikci/Anadolu Agency via Getty Images

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Turkey’s central bank kept its benchmark interest rate unchanged Thursday, pausing a cycle of rate cuts and launching an “open-ended” policy review after inflation surged to its highest level since the beginning of President Recep Tayyip Erdogan’s 19-year rule.