Turkey slashes interest rate by 1.5% to 9%

MG News | November 24, 2022 at 08:05 PM GMT+05:00

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November 24, 2022 (MLN): Turkey's central bank on Thursday cut interest rate by 150 basis points to 9% for forth time and decided to end its cycle of monetary policy easing, citing increased inflation risks.

Turkey President Recep Tayyip Erdogan ordered the Central Bank of the Republic of Turkey (CBRT) to cut rates despite soaring inflation, which hit 85.5% year-on-year in October as food and energy prices continued to soar.

President Erdogan has continuesly insisting the CBRT that raising interest rates, in line with central banks around the world, will harm the Turkish economy.

By the end of this year, the president aims to lower the country's interest rate to single digits.

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