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Turkish central bank cuts rate 150bp
MPC may be close to ending cuts as inflation continues soaring
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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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