By Akin Nazli in Belgrade The monetary policy committee (MPC) of Turkey’s central bank on July 23 kept its policy rate unchanged at 50% in line with market expectations (chart). The underlying trend of monthly inflation registered a notable decline in June, the MPC observed. Leading indicators suggest that monthly inflation will rise temporarily in July due to adjustments in administered prices and taxes as well as supply-side factors in unprocessed food prices, which are largely beyond the control of monetary policy, it added. However, the rise in underlying inflation is expected to be relati…