Turkiye's central bank lowers key interest rate to 47.5%, 1st cut in 2 yrs

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Turkiye's central bank lowers key interest rate to 47.5%, 1st cut in 2 yrs - Business Standard

Quick Summary:

Turkiye's central bank lowered its key interest rate by 2.5 percentage points to 47.5 per cent on Thursday, carrying out its first rate cut in nearly two years as it tries to control soaring inflation.

Citing slowing inflation, the bank's Monetary Policy Committee said it was reducing its one-week repo rate to 47.5 per cent from the current 50 per cent.

Inflation in Turkey surged in recent years due to declining foreign reserves and President Recep Tayyip Erdogan's unconventional economic policy of lowering rates as a way to tame inflation which he later abandoned.