ANKARA, July 23 (Xinhua) -- Türkiye's Central Bank held its policy rate steady at 50 percent on Tuesday in line with market expectations.
The institution's Monetary Policy Committee said the decision considered the lagged effects of the monetary tightening but promised to remain highly attentive to inflation risks.
The committee said in a statement that a temporary rise in July's underlying inflation is due to adjustments in administered prices and taxes as well as supply-side factors in unprocessed food prices.
But a high level of and the stickiness in services inflation, inflation expectations, geopolitical risks, and food prices kept inflationary pressures alive, the bank noted.
The bank pledged that the tight monetary stance will be maintained until a significant and sustained decline in the underlying trend of monthly inflation is observed and inflation expectations converge to the projected forecast range.
Türkiye has long been struggling against persistently high inflation, which hit 71.60 percent in June, while the Turkish government has been taking measures to curb the rise.
The Turkish central bank kept its key interest rate unchanged at 50 percent for the fourth consecutive month. ■
