Turkey launches second major rate cut

Murat Uysal
Murat Uysal: delivering rate cuts
Photo: CBRT/Flickr

The Central Bank of the Republic of Turkey (CBRT) made its second consecutive rate cut today (September 12), a bigger move than many investors had expected.

The central bank slashed 325 basis points off its main rate, the one-week repo, bringing it to 16.5%. The consensus forecast among economists polled by Reuters had been for a 250bp cut, but estimates varied widely, reflecting high levels of uncertainty.

Today’s move follows the CBRT’s 425bp cut implemented at its last meeting, in late July

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