The central bank increased its rate to 50% from 45%, a move that sent the dollar USDTRY, 0.16% down to 32.19 lira from 32.38 lira.
“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,” said the central bank.
Inflation was 67% in February, and it’s been above 60% since September.
Turkey holds local elections at the end of the month.
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