Turkey Central Bank keeps rates amid war fears

The Central Bank of Turkey decided to keep interest rates unchanged at 37% for the overnight rate and 40% for the one-week rate, amid the risks of military escalation in the region and the rise in oil prices to more than $98 per barrel since the beginning of the month. Despite inflationary pressures resulting from increasing energy costs, Turkey's inflation rate saw a slight decline to 32.1% in June, marking the first decrease since the regional conflict began. Forecasts suggest that inflation could fall below 30% by the end of the year, with limited room for interest rate cuts in the near future.

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