ANKARA, Turkey (AP) — The Turkish central bank is discussing possible changes to its monetary policy amid concerns over the weakening Turkish currency.
The bank said earlier this month that it would adjust its monetary policy, raising hopes that it will increase interest rates on Thursday.
Independent experts say Turkey should increase rates to help stem the selling pressure on the currency. The bank has, however, come under pressure from President Recep Tayyip Erdogan to keep interest rates low.
The Turkish currency has plunged some 40 percent against the dollar this year while annual inflation has jumped to nearly 18 percent and economic growth has slowed to an annual rate of 5.2 percent.