Turkey justifies cut to record low

The Central Bank of Turkey cut rates by 100 basis points to an all-time low earlier this month on signs that the global economic outlook continued to deteriorate and the depression was expected to be long lasting, the minutes for the 19 March meeting reveal.

The minutes said that the committee members indicated that the likelihood of an early recovery in the global economy, envisaged as an alternative scenario in the January Inflation Report, had almost disappeared. The minutes said that

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