CBRT cuts policy rate to support earthquake recovery

Central Bank of the Republic of Turkey

The Central Bank of the Republic of Turkey cut its policy rate 50 basis points on February 23 as a measure to help the economy recover from the effects of a series of devastating earthquakes.

In a statement, the CBRT said it expected the earthquakes to harm economic activity in the short term, though the disaster should not have a “permanent impact” on the Turkish economy. The central bank said it was important to support industrial demand and employment as the economy recovers.

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