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In shock move, Turkey cuts interest rates again

Inflation is historically high in Turkey, but President Erdogan continues to defy economic wisdom as the country's central bank slashed policy rates further.
A corn vendor waits for customers on a street in Istanbul on Sept. 6, 2022.

Turkey cut interest rates again today, despite the extremely high level of inflation in the country.

What happened: The Turkish Central Bank cut its one-week repo auction rate 100 basis points from 13% to 12%, according to a press release. 

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