Turkey launches second major rate cut
Central bank slashes further 325 basis points off main rate
The Central Bank of the Republic of Turkey (CBRT) made its second consecutive rate cut today (September 12), a bigger move than many investors had expected.
The central bank slashed 325 basis points off its main rate, the one-week repo, bringing it to 16.5%. The consensus forecast among economists polled by Reuters had been for a 250bp cut, but estimates varied widely, reflecting high levels of uncertainty.
Today’s move follows the CBRT’s 425bp cut implemented at its last meeting, in late July
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