Turkish central bank cuts rates again as currency falls
Lira hits new low days after president dismissed senior officials
The monetary policy committee of Turkey’s central bank again cut policy rates despite rising inflation, days after the country’s president fired three senior officials.
The MPC cut the policy rate by 200 basis points to 16% today (October 21), having cut it by 100 basis points last month. The latest cut comes just over a week after Turkish president Recep Tayyip Erdoğan dismissed two central bank governors and one MPC member.
He fired deputy governors Uğur Namık Küçük and Semih Tumen, and
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