ISTANBUL -- Turkey's central bank on Thursday held the benchmark one-week repo rate at 14% for the fourth consecutive month, even as runaway inflation rose to a 20-year high of 61% in March.
Economists said inflation is set to spiral higher, to possibly 70%. However, the central bank seems to be caving to pressure from President Recep Tayyip Erdogan, who believes that higher interest rates will only push up inflation.
