CBRT cuts policy rate to support earthquake recovery
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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