The last year saw aggressive rate cutting by banks around the world including Turkey. But that trend seems to have now stopped at least in Turkey.

Interest rates in Turkey were slashed during 2009 as the worldwide recession hit economic activity.

But the trend of cutting rates was halted in January when the Central Bank kept rates on hold at 6.50%

The Turkish Central bank met again last week to review the interest rates.

The Monetary Policy Committee who set the rates based on a wide range of economic data have, despite some signs of economic activity, decided to hold rates at 6.50% for another month.

The Committee has emphasized that it would be necessary to keep policy rates at low levels for a long period of time unless new data suggests otherwise.

But some financial analysts think the bank, faced with a growing inflation problem mostly brought on by state tax increases on fuel, tobacco and booze, may need to start raising rates from May.

So not great news for savers right now but maybe there is some light at the end of the tunnel.