The agressive cuts in interest rates over the last year have halted this month as the Central Bank keeps rates interest rates on hold.

The Turkish central bank announced yesterday evening that interest rates would be held at 6.5 percent.

In a statement on their website the bank said that recent data indicating a moderate increase in economic activity and inflation were contributing factors to the freeze.

However, the bank added that there is still uncertainty of the speed of economic recovery and therefore rate changes may occur in the future.