Turkish central bank cuts rate 150bp

CBRT
The Central Bank of the Republic of Turkey
Photo: CBRT

The Central Bank of the Republic of Turkey cut its policy rate for the third time this year, by 150 basis points, to 10.5%, despite soaring inflation.

The cut marks the third in as many meetings, for a total of 850bp in monetary easing since September 2021.

In its monetary policy statement, policy-makers said they “evaluated taking a similar step in the following meeting and ending the rate cut cycle”. The monetary policy committee next meets on November 24.

The MPC argued that its move was

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