'Just insane.' Turkey stuns markets by cutting rate despite soaring inflation

Summary by Ground News

Turkey's central bank announced another interest rate cut on Thursday, reducing its key rate to 13% from 14%. The central bank cited the "weakening effects of geopolitical risks" The Turkish lira dipped against the US dollar on the back of the news. But consumers in Turkey will likely be even more concerned about 80% year-on-year inflation figures.

1 month ago

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abc News

Turkey lowers interest rate even as inflation soars to 80%

Turkey’s central bank has lowered its key interest rate despite inflation surging to nearly 80% and making it difficult for people to buy what they need

1 month ago·United States

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Associated Press News

Turkey lowers interest rate even as inflation soars to 80%

ANKARA, Turkey (AP) — Turkey’s central bank on Thursday lowered its key interest rate despite inflation surging to nearly 80% and making it difficult for people to buy what they

1 month ago·United States

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CNBC

Turkey shocks markets with rate cut despite inflation near 80%

Turkey's central bank shocked markets Thursday with a cut to its benchmark policy rate, despite inflation in the country sitting near 80%.

1 month ago·United States

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News24

'Just insane.' Turkey stuns markets by cutting rate despite soaring inflation

Turkey's central bank on Thursday stunned the markets by lowering its main interest rate even as inflation soared to a 24-year high and looks set to climb further.

1 month ago·South Africa

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KRDO

Turkey lowers interest rate even as inflation soars to 80%

ANKARA, Turkey (AP) — Turkey’s central bank has lowered its key interest rate despite inflation surging to nearly 80% and making it difficult for people to buy what they need. Following a monetary policy committee meeting Thursday, the bank said it decided to reduce the policy rate from 14% to 13%. The decision is in line with President Recep Tayyip Erdogan’s opposition to high borrowing costs. The Turkish leader has pressured the bank into lowe…

1 month ago

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Deutsche Welle

Turkey cuts interest rates again, even amid 80% inflation

Turkey's counterintuitive economic policy encouraged by its president shows no sign of abating. Its central bank has again cut interest rates amid rampant inflation, causing the lira to take a hit.

1 month ago·Germany

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