Turkey cuts rates despite rising inflation

The Central Bank of the Republic of Turkey
Photo: CBRT

Turkey’s central bank has cut policy rates despite rising inflation and a weakening currency, after strong pressure to do so from the country’s president.

The central bank’s monetary policy committee cut the one-week repo auction rate by 100 basis points to 18%, it announced on September 23. In an unusual statement, it said Turkish inflation was rising and that the MPC had decided to cut policy rates in consequence.

The central bank said the increase in inflation was driven by what it called

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