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.
A corn vendor waits for customers on a street in Istanbul on Sept. 6, 2022, as Turkey's economy is suffering its biggest economic crisis in decades ahead of one of the toughest elections of President Recep Tayyip Erdogan's rule. - YASIN AKGUL/AFP via Getty Images
Al Monitor: The Pulse of the Middle East
Al-Monitor Staff

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. 

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.

Subscribe

Only $100 per year.

Videos

See more