The Turkish Central Bank announced on Thursday that it will not be lowering its interest rate, currently at 9%, which is a first since last July.

The bank justified its decision by stating that it was due to concerns over the economic recession that is caused by geopolitical challenges and rate hikes.

"The Monetary Policy Committee (MPC) has decided to keep the policy rate (one-week repo auction rate) constant at 9 percent," the central bank said.  

Official data released earlier in October revealed that inflation in Turkey has jumped reaching a 24-year high, surpassing 83% in September, just after the Turkish central bank cut then interest rates.

Read more: Turkey maintains floating exchange rate, 5% inflation in 2022

Ankara was previously following the West's banking trend by raising interest rates in an effort to combat the nation's spiraling inflation, which analysts fear will only cause a recession.

Turkish President Recep Tayyip Erdogan called earlier the higher rates his "biggest enemy." 

Erdogan focused on growth ahead of the coming elections in June 2023, repeatedly voicing his stance against the increasing rates.

Following his vision, the central bank decreased the policy rate to 12% from 13% last month, while the president insists on more cuts.

It's worth noting that Turkey, dealing with an economic crisis and the deterioration of its currency, the Turkish Lira, has been seeking a revival in its relationship with Gulf countries, with which its ties have been strained since the so-called Arab Spring.

Read more: Turkish lira nears historic lows as it slides again