Turkey’s central bank cut its key interest rate by 150 basis points to 10.5% following annual inflation rose above 83% in September.
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The Turkish lira has lost 29% of its value this year
On Thursday, Turkey’s central bank cut its key interest rate by 150 basis points to 10.5%, a drop more than expected, to continue its unconventional easing cycle, following Turkish President Recep Tayyip Erdogan called for a rate cut below 10% by the end of the year. general.
The cut in the one-week repurchase rate came following annual inflation soared above 83% in September, as central banks globally race the other way to tighten policy.
The Turkish lira fell to an all-time low of 18.6150 once morest the dollar following the announcement, losing 29% of its value this year, as well as a 44% drop in 2021.
Read also: Erdogan: Turkey will keep cutting interest rates as long as it is in power
