Turkey justifies November cut

The Central Bank of Turkey's rate-setting committee opted to cut rates earlier this month on signs inflation would fall more rapidly than expected, the minutes of the meeting reveal.

The committee noted that inflation should trend downwards in the forthcoming period and that domestic financial conditions had worsened due to the global financial crisis.

Click here to read the minutes

http://www.tcmb.gov.tr/yeni/announce/2008/ANO2008-35.pdf

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