Turkey keeps rates on hold as Ukraine crisis threatens its economy

ISTANBUL—Turkey’s central bank left its key rate unchanged for a second consecutive month, pausing the government’s policy of lower interest rates that triggered a chaotic fall in the value of the pound last year.

The bank’s monetary policy committee said on Thursday it had left the benchmark interest rate unchanged at 14%, in line with market expectations. In a statement, the bank cited “growing geopolitical risks” in a possible reference to the crisis in neighboring Ukraine. The lira had fallen about a tenth of a percent against the dollar during the day Thursday afternoon.


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