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Turkey cuts interest rates as Erdogan continues to defy economic wisdom

President Recep Tayyip Erdogan continues to lower interest rates to stimulate economic growth as inflation runs rampant in Turkey.
OZAN KOSE/AFP via Getty Images

The Turkish Central Bank announced another interest rate cut today despite high inflation in the country. The bank lowered its one-week repo auction rate from 14% to 13%, according to a press release. 

What it means: The one-week repo auction rate is the interest rate at which the central bank sells securities, such as bonds, and then buys them back later — one week later, in this case.

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