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

Turkey, the economy according to Erdogan: inflation rises to 80% (but interest rates fall)

After reducing them from 19% to 14% in the second half of 2021, Ankara cuts rates for the first time this year, despite inflation that rose from 19% to 79.6% in July in twelve months, the highest since 24 years

Turkey Shocks Markets by Slashing Rates Despite Soaring Inflation, Currency Tumbles

The Turkish central bank is plowing ahead with more cuts to the national interest rate, even as the inflation of the Turkish lira continues to accelerate to unforeseen levels. On Thursday, Turkey shocked markets when it announced a new interest rate cut that would reduce the benchmark to only 13 percent, after seven months in which the benchmark remained flat at 14 percent. Turkish President Recep Tayyip Erdogan promised last June that he would …

Turkiye stuns markets by cutting interest rate despite soaring inflation

Central bank lowers one-week repo auction rate to 13pc from 14pc.

Turkey stuns markets by cutting rate despite soaring

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.The central bank said “recession is increasingly assessed as an inevitable risk factor” as it lowered its one-week repo auction rate to 13 percent from 14 percent.“Just insane — with inflation at 80 percent and rising,” BlueBay Asset Management economist Timothy Ash remarked in an emai…

Turkey, inflation at 80% but the central bank still cuts interest rates. Cost of money reduced by 1% - Il Fatto Quotidiano

Turkey pulls straight. Despite inflation at 80%, the central bank has decided to insist on its monetary easing policy, cutting interest rates again by 1% and bringing them to 13%. Monetary authorities generally move in the opposite direction. When prices run, interest rates are raised. Borrowing becomes more expensive and reduces the amount of money in circulation, a factor that helps slow inflation. The problem is that these policies also tend …

Turkey Lowers Interest Rate Even as Inflation Soars to 80%

ANKARA — Turkey’s central bank on Thursday lowered its key interest rate despite inflation surging to nearly 80% and making… Continue reading Turkey Lowers Interest Rate Even as Inflation Soars to 80%The post Turkey Lowers Interest Rate Even as Inflation Soars to 80% appeared first on The National Herald.