Turkish central bank cuts rates drastically despite soaring inflation

The Central Bank of the Republic of Turkey

The Central Bank of the Republic of Turkey sharply lowered its main policy rate again today (November 24), following calls from the country’s president to do so despite high inflation.

The CBRT’s monetary policy committee cut its benchmark rate by 150 basis points to 9%. Turkish president Recep Tayyip Erdoğan has made several speeches this autumn that effectively ordered the MPC to cut rates.

Figures from official statistics agency TurkStat said inflation reached 85.5% year-on-year in October

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