Turkey's cenbank holds rate at 8.5% after easing due to quakes
ANKARA, March 23 (Reuters) -Turkey's central bank held its policy rate at 8.5% as expected on Thursday, after having eased last month to provide stimulus in the wake of major earthquakes that devastated the country's south.
Last year the bank cut its key rate by 500 basis points in an unorthodox easing cycle designed to counter an economic slowdown, before keeping it steady at 9% in December and January. The stimulus came even as inflation soared above 85% last year and dipped only to 55% in February.
Even before the quakes, which killed more than 50,000 in Turkey, analysts said there could be more easing ahead of May 14 elections in which President Tayyip Erdogan faces the biggest political challenge of his two-decade rule.
A self-described "enemy" of interest rates, Erdogan has urged monetary stimulus over the last several years to boost growth and exports, though it set off a series of lira crises and stoked prices.
In a Reuters poll, six respondents expected a 50-point cut this month, compared to 12 that expected no change.
The economic cost of the earthquakes is estimated to be around $104 billion and is expected to shave one to two percentage points off economic growth this year.
Reporting by Ali Kucukgocmen and Can Sezer; Editing by Jonathan Spicer
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