Turkey, the central bank yields to Erdogan and cuts rates. Lira at peak

Turkey, the central bank yields to Erdogan and cuts rates. Lira at peak
Turkey, the central bank yields to Erdogan and cuts rates. Lira at peak

The Turkish Central Bank gives in to Erdogan’s pressure. The Institute unexpectedly cut its key one-week repo rate by 100 basis points to 18%. This was announced by the Central Bank at the end of its monetary policy meeting. Expectations were for a confirmation of the reference rate at 19 percent.

This is the first cut in the cost of money since May 2020 that ends a 12-month cycle of rate hikes.

Inflation still high

The decision came after the governor …

Source

Turkey central bank yields Erdogan cuts rates Lira peak

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