ISTANBUL (Turkey), October 23 (SeeNews) – Turkey's central bank left interest rates unchanged on Thursday, saying it would not loosen monetary policy until inflation is improved. Following its latest monetary policy meeting, the bank said that its benchmark interest rate would remain at 8.25% for a third month. Policymakers also kept the marginal funding rate at 11.25% and the overnight borrowing rate at 7.50%. "Macroprudential measures taken at the beginning of the year and the tight monetary policy stance continue to have a favourable impact on the core inflation trend," said the bank in a statement. "However, elevated food prices delay the improvement in the inflation outlook. Meanwhile, current levels of commodity prices, in particular declining oil prices, are expected to contribute to disinflation foreseen for the next year," said the bank in a statement.
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