Turkey’s central bank on Thursday kept its key rate at 14% for a second straight month, as expected, despite inflation jumping to nearly 50% after last year’s round of policy easing led to a currency crisis.

The regulator began easing in September and cut the rate by a total of 500 basis points under pressure from President Tayyip Erdogan, whose unconventional new economic plan prioritizes credit, production, exports and employment.

The lira was little changed at 13.61 per dollar after the Central Bank’s decision was announced, and the Turkish currency is marginally cheaper.

Turkey’s annual inflation rate hit a 20-year high of 48.69% in January, pushing real yields deep into negative territory, a worrying sign for investors and a vulnerability for the lira.

The central bank signaled in January that it would pause the easing cycle to monitor its effects. The regulator forecasts inflation to slow in the second half of the year, even though most analysts expect continued pressure on prices and wages.