Turkey’s central bank lowers its key interest rate

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central bank Turkey lowered the benchmark one-week repo rate to 12 percent. – the bank informed in a press release. Analysts surveyed by the Bloomberg agency expected that the interest rates will remain unchanged.

During the last meeting, the bank lowered the interest rate. by 100 bp. Earlier, for seven meetings, the interest rate. remained unchanged.

August Turkey CPI reading indicated an inflation of 80.2 percent. y / y, for a maximum of 24 years.

The Turkish lira weakens against the dollar by 0.33 percent. You have to pay 18.3836 lira for one dollar. The Lira is the worst performing EM currency, depreciating over 41%. against the dollar since the beginning of the year. The Turkish currency is the weakest in its history.

On March 20, 2021, President Erdogan dismissed Naci Agbal, who was appointed to this position in November 2020. Sapah Kavcioglu became the new president.

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