Turkish central bank cuts rate 150bp
MPC may be close to ending cuts as inflation continues soaring
The Central Bank of the Republic of Turkey cut its policy rate for the third time this year, by 150 basis points, to 10.5%, despite soaring inflation.
The cut marks the third in as many meetings, for a total of 850bp in monetary easing since September 2021.
In its monetary policy statement, policy-makers said they “evaluated taking a similar step in the following meeting and ending the rate cut cycle”. The monetary policy committee next meets on November 24.
The MPC argued that its move was
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