Turkey cuts off interest rate by 100bps

MG News | September 22, 2022 at 04:23 PM GMT+05:00

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September 22, 2022 (MLN): Turkey’s central bank monetary policy makers cuts interest rate by 100bps, bringing the key one-week repo rate from 13% to 12% as country struggles under inflation exceeding 80%, CNBC reported today.

Due to political pressure from Turkish President Recep Tayyip Erdogan who insisted to lower interest rate because lowering rate are the way to bring down inflation. A statement from the central bank said it has “assessed that the updated level of policy is adequate under the current outlook”

Turkey’s inflation rate in the country surging beyond 80% it is increasing for the 15th consecutive month and the highest level in 24 years. Also, turkey’s currency Lira has lost more than 27% of its value to the dollar year to date and 80% in the last five years.

After the decision by bank’s rate announcement the currency was down a quarter of a percentage point, trading at a record low of 18.376 to the dollar.

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