Exterior of the Turkish Central Bank, known as Turkiye Cumhuriyet Merkez Bankasi in Ankara.
In volatile trade after the announcement, the embattled Turkish lira gained ground against the U.S. dollar and euro.
Ongoing firm inflation rates pushed the central bank to recently revise its inflation forecast for the year-end from 22.3% to 58%.
On Thursday, the bank said it expected year-end inflation to sit in the "upper bound of the forecast range."
The central bank on Thursday attributed the ongoing stickiness of national inflation to strong domestic demand, wage pressures, exchange rates, persistent services inflation and tax regulations.
Organizations:
Turkish Central Bank, Reuters, Turkish, U.S .
Locations:
Ankara, Turkey's, London, Turkish