Turkey’s central bank cuts rates by another 250bp
Second consecutive reduction comes despite inflation remaining at 44%
Turkey’s central bank today (January 23) cut its benchmark interest rate by 250 basis points to 45%. The bank had previously cut rates by the same amount in December.
The Central Bank of the Republic of Turkey (CBRT) said it expected headline inflation to rise this month, primarily because of increases in the prices of services. Inflation dropped to 44.38% in December, compared with 47.09% the previous month.
The bank’s target is to bring inflation under 5% over the medium term, but it did not say
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