Egypt's central bank kept its overnight interest rates unchanged on Thursday, as expected, saying that while inflation was set to decelerate sharply in early 2025 it nonetheless remained high.

The country's central bank cited slowing inflation, down from 85% in late 2022 to 47% last month, in its decision.

Russia’s central bank on Friday left its key interest rates unchanged at 21%, citing monetary tightness as Moscow wages its ongoing battle with sky-scraping inflation.

Turkey's central bank cut its key interest rate by 250 basis points to 47.5% on Thursday, at the top end of expectations, launching an easing cycle meant to leave behind protracted economic turmoil and a cost-of-living crisis.

Policymakers in Frankfurt indicated a clear dovish shift, but exactly where they will stop rate cuts remains a topic of debate.

Russia’s central bank has left its benchmark interest rate at a record 21%, holding off on further increases despite high consumer inflation fueled by the Kremlin’s war against Ukraine.

Russia’s central bank left its key interest rate unchanged as it struggles to contain a surge in inflation driven by the diversion of men and material to prosecute Vladimir Putin’s invasion of Ukraine.

The Central Bank of the Republic of Turkey (CBRT) has cut its benchmark one-week repo rate by 250 basis points, bringing it down to 47.5%. The move exceeded economists' forecasts of a 150-basis-point reduction and marked a shift in monetary policy after eight consecutive meetings.

By Nevzat Devranoglu ANKARA (Reuters) -Expectations of a Turkish central bank rate cut strengthened on Wednesday after a less-than-requested minimum wage hike, economists said, as it showed the government's determination to reach disinflation targets.