Turkish Central Bank cuts key rate to 9%

  • November 24, 2022
Turkish Central Bank cuts key rate to 9%

Turkey's central bank on Thursday lowered its key interest rate by 1.5 percentage points, to 9%, the regulator said in a statement.

The rate was also lowered in October - from 12% to 10.5%. The Turkish central bank's decision coincided with most analysts who believe it follows the political will of President Recep Tayyip Erdogan, who has promised to lower the interest rate every month.

The regulator said in a statement that the decision to cut the rate was made on the basis that "the current rate is adequate, given the growing risks to global demand, which is why it was decided to end the cycle of interest rate cuts that began in August." Annual inflation in Turkey in September, according to official data, was 83.45% compared to 80.21% a month earlier.

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