Source: Associated Press
“Turkey’s central bank lowered its key interest rate by 2.5 percentage points to 45% on Thursday, in its second rate cut in as many months as official figures showed inflation was easing. 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 cut the rate by 2.5 percentage points. 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.” (01/23/25)