The Turkish “Central” maintains the interest rate at 9%, after reducing it for a period of 4 months

Turkey’s central bank kept its interest rate at 9% on Thursday, fulfilling last month’s pledge to end the easing cycle after President Recep Tayyip Erdogan called for interest rates below 10%, despite hikes of inflation.

The bank said it was “critical” that monetary policy remains supportive of economic activity, reiterating that it expects inflation to start easing thanks to the steps taken.

Read more: Erdogan: Turkish inflation to fall to 20% in 2023

All the economists interviewed by “Reuters” expected the bank to keep the interest rate unchanged. The bank cut interest rates by 500 basis points in four months, citing the economic slowdown, even as central banks around the world ran in the opposite direction.

Meanwhile, inflation has shown little sign of abating, reaching 84.4% in November after peaking at 85.5% in October. A decline between 65 and 70% is expected in December.

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