Turkish central bank cuts rates despite 80% official inflation

Sahap Kavcioglu
Şahap Kavcıoğlu, CBRT
Photo: CBRT/Flickr

Turkey’s monetary policy committee (MPC) cut interest rates on September 22, despite a further rise in the country’s extremely high official inflation level.

The Central Bank of the Republic of Turkey’s (CBRT) MPC cut the rate by 100 basis points to 12%. At its previous meeting, on August 18, it also cut the rate by 100bp.

Turkish president Recep Tayyip Erdoğan has consistently pressured the central bank to maintain a loose monetary policy in the face of rising inflation. Erdoğan dismissed

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