Turkey's central bank slashed its policy rate by 50 basis points from 9% to 8.5% as the country continues to reel from the aftermath of a devastating quake which affected millions of lives.
The move was in line with expectations of analysts polled by Reuters, and the lowest in more than two years, according to Refinitiv data.
Two consecutive quakes rocked Turkey and Syria earlier this month, and were the region's strongest in nearly a century with a death toll of more than 46,000 lives thus far. Turkish President Tayyip Erdogan gives a statement after a cabinet meeting in Ankara, Turkey, May 17, 2021.Turkey's central bank on Thursday slashed its policy rate by 50 basis points from 9% to 8.5% as the country continues to reel from the aftermath of a devastating quake which affected millions of lives.
The move, which marks a resumption of a series of interest rate cuts in 2022 in spite of high inflation, was in line with Reuters' and is the lowest one-week repo rate in more than two years, according to Refinitiv data. rocked Turkey and Syria earlier this month, and were the region's strongest in nearly a century with a death toll of more than 46,000 lives thus far.Turkey's lira held steady at 18.87 against the greenback following the central bank decision.
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