Turkey explains another cut

The Central Bank of Turkey cut rates by 50 basis points in May as data offered no signs of recovery in economic activity of employment, the minutes for the 14 May meeting reveal.

The gloomy prospects would maintain downward pressure on inflation, the minutes said.

The committee members noted that the increasing financing requirement of the government could weaken the favourable impact of monetary policy decisions on economic activity and that it was important to commit to a credible medium-term

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