World Bulletin/News Desk

The Turkish Central Bank has left its benchmark interest rate at 8.25 percent for the fifth month in a row, according to a Central Bank statement released on Wednesday.

The Central Bank's decision was observed closely by markets -- the Istanbul stock market was up 0.4 percent after the announcement. 

The Monetary Policy Committee also reiterated the bank’s commitment to a tight monetary policy until there is a significant reduction in the outlook for inflation. Inflation is currently at about 9 percent, and is expected to go higher in the coming weeks.

Policymakers kept the overnight lending rate at 11.25 percent and maintained the overnight borrowing rate at 7.50 percent.