Turkish central bank lowers interest rate
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Today, Thursday, the Central Bank of Turkey decided to cut its interest rate by 50 basis points after it decided to keep it at 9% last month.
In accordance with the decision, the interest rate decreased to 8.5% instead of 9%.
In January last year, the Central Bank of Turkey decided to keep the interest rate at 9% for repo buyouts within a week.
The previous wave of monetary easing in 2021 caused the Turkish lira to collapse, sending inflation to a 24-year high above 85% in October before falling to 64.3% in December.
The bank cut interest rates by 500 basis points (5%) in the 4 months to November due to the economic downturn.
Source: RT
