June 12, 2019 / 11:17 AM / 2 months ago

Turkey's central bank cites 'disinflation', keeps tight stance

ISTANBUL, June 12 (Reuters) - Turkey’s central bank will keep its monetary policy stance tight to “reinforce the disinflation process,” it said on Wednesday as it kept its benchmark interest rate on hold at 24%.

“Developments in domestic demand conditions and the tight monetary policy support disinflation,” the central bank said. In its last statement in April it cited only “some improvement in inflation indicators.”

Turkey’s lira currency has lost more than a third of its value against the dollar since the end of 2017 due mainly to persistent concerns about relations with the United States and political influence on monetary policy. (Reporting by Ezgi Erkoyun, Ali Kucukgocmen and Jonathan Spicer; Writing by Daren Butler; editing by John Stonestreet)

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