turkey central bank

Turkey’s central bank on Tuesday cut its key interest rate by half a percentage point, to 7.75 per cent from 8.25 per cent, but kept other rates steady.turkey central bank

There has been pressure from President Recep Tayyip Erdogan on the nominally independent bank to lower the key one-week repo rate, in hopes the move would help spur growth.

The bank raised rates a year ago to help support the lira as fears about the US tightening its economic policy caused currencies in a variety of nations to wobble.

The lira slid versus the dollar during morning trading in the lead up to the decision, but reversed the losses after the central bank made the announcement.

The Turkish currency was trading at about 2.33 to the greenback in the mid-afternoon.

Parliamentary elections are scheduled for June.


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