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.
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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.