Turkish central bank makes largest-ever rate cut
Unprecedented 425bp cut will raise independence fears following governor’s dismissal
The Central Bank of the Republic of Turkey announced its biggest ever policy rate cut today (July 25), despite inflation being well above the target range.
The decision is likely to increase growing concerns about the independence of the central bank, following the dismissal of governor Murat Çetinkaya on July 5. The central bank’s monetary policy committee (MPC), led by newly-appointed governor Murat Uysal, said its decision was due to lower inflation expectations. Turkish president Recep
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