Turkey’s central bank has lowered its key interest rate by 2.5 percentage points to 45%.
Read full article: Homelessness advocate urges community to seek help as temperatures dropRead full article: Warmer, more humid pattern aheadSave big on self-care and jewelry with these Insider DealsA man carries a bag with groceries in a food street market at Uskudar neighbourhood in Istanbul, Turkey, Thursday, Jan. 23, 2025, same day as Turkey's central bank lowered its key interest rate by 2.5 percentage points to 45%.
People buy food outside the Egyptian market at Eminonu commercial area, in Istanbul, Turkey, Thursday, Dec. 26, 2024, as Turkey's central bank lowered its key interest rate by 2.5 percentage points to 47.5% carrying out its first rate cut in nearly two years as it tries to control soaring inflation. A man carries a bag with groceries in a food street market at Uskudar neighbourhood in Istanbul, Turkey, Thursday, Jan.
“While inflation expectations and pricing behavior tend to improve, they continue to pose risks to the disinflation process,” the bank said in a statement. “The Committee will make its decisions prudently on a meeting-by-meeting basis with a focus on the inflation outlook.” Erdogan has long argued that high interest rates cause inflation — a theory that runs against mainstream economic theory.
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