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Turkey’s central bank cut its policy rate by 100 basis points to 15% Thursday, ignoring alarm over the country’s nosediving currency and soaring inflation.
The third rate cut in as many months followed President Recep Tayyip Erdogan’s fresh outburst against high interest rates the day before. The reductions, totaling 400 basis points, have brought the bank’s benchmark rate five percentage points below the nearly 20 percent consumer inflation rate, pushing real yields into negative territory.
