Published 2 years ago

Turkey's central bank cuts additional interest rate by 1%, lira's lowest price update

Summary by Ground News

Erdogan and his ally at the central bank, governor Sahap Kavcioglu, are sticking to an unorthodox playbook that resists rate hikes to contain inflation. The approach has encouraged economic growth at the expense of price stability and left Turkish assets more vulnerable to sell-offs. As a result, annual inflation has shot past 80%, a level last seen in 1998.

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CTV News

Turkey's central bank makes big rate cut amid 80 per cent inflation

Turkey's central bank delivered another massive interest rate cut Thursday despite eye-popping inflation above 80 per cent, moving the opposite way from world economies that are raising rates to control prices as the lira sunk to record lows.

2 years ago·Canada

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Reuters

Turkey's central bank cuts additional interest rate by 1%, lira's lowest price update

[İstanbul 22nd Reuters] - The Turkish Central Bank lowered its policy interest rate by 1 percentage point to 12% at the Monetary Policy Committee on the 22nd. The continuation of interest rate cuts as central banks around the world proceed with financial tightening in response to inflation was unexpected, and the currency lira hit a record low. Among the world's major central banks, the US Federal Reserve (FRB) announced interest rate hikes of 0…

2 years ago·United Kingdom

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CNBC

Turkey cuts interest rates again as country struggles under 80% inflation

Turkey's central bank surprised markets once again with its decision Thursday to cut its key interest rate, despite inflation in the country surging beyond 80%.

2 years ago·United States

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IBTimes

Inflation-hit Turkey Cuts Rate For Second Month

Inflation-hit Turkey cuts rate for second month

2 years ago·United States

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Bloomberg

Turkey Shocks With Another Rate Cut Despite Raging Inflation

Turkey’s central bank delivered another shock cut to interest rates, despite inflation running at a 24-year high and with the lira trading at a record low.

2 years ago·United States

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