Turkey's Central Bank lowers interest rate by 100 points
Breakings News Turkey with agencies
Turkey's Central Bank on Thursday lowered its one-week repo rate – also known as the policy rate – by 100 basis points to 15%, in line with market expectations.
Recent climb in inflation driven by supply-side factors such as rise in food, import prices, especially in energy, and supply constraints, said the bank.
According to the statement made by the institution, the Turkish Central Bank expects transitory effects of supply-side factors and other factors beyond monetary policy’s control on price increases to persist through first half of 2022.
Following the decision, the Turkish Lira decreased in value against the US dollar, lowering at 10.8489 as of 2:47 pm local time.