Central Bank of Turkey cuts main rate as MPC sees inflation in decline

Turalay Kenç

The Central Bank of the Republic of Turkey (CBRT) cut its one-week repo rate, the bank's main interest rate, by 75 basis points to 8.75%, as inflation will start to "decline markedly" in June, the bank said.

According to the CBRT, an increase in export-led demand is expected to prompt disinflation, while the "adverse impact of exchange rate developments since mid-2013 on annual inflation will gradually taper off".

Turkey was among the hardest-hit countries in a ‘mini-crisis' earlier this year

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