Turkey’s central bank has lowered its key interest rate by 2.5 percentage points to 45%. The decision on Thursday marked the second rate cut in a row and came as inflation slowed. The bank reduced the benchmark one-week repo rate to 45% from the previous 47.5%. Last month, the bank also cut the rate by 2.5 percentage points.
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The bank’s Monetary Policy Committee said it was reducing its benchmark one-week repo rate to 45% from the current 47.5%. In its previous reduction in December, the bank also Despite the significant rate cut, the central bank reaffirmed its commitment to controlling soaring inflation which has left many households in Turkey struggling to afford basic needs.
“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.” Annual inflation in Turkey slowed to 44.38% in December 2024 from 47.09% in the previous month, although independent economists say the real rate is much higher.Southern rebels loom large as Syria’s new rulers try to form a national armyIn 2023, Erdogan appointed a new economic team, reversing the unconventional policies and initiating a series of rate hikes. Before the rate cut in December, the central bank had maintained the interest rate at 50% for several months.
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