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Search resuls for: "Turkish Central"


2 mentions found


☆ Turkish Central Bank Cuts Rates, Adding to Pressure on Economy
  + stars: | 2022-09-22 | by ( Jared Malsin | ) www.wsj.com   time to read: 1 min
ISTANBUL—Turkey’s central bank cut key interest rates for the second consecutive month on Thursday, bowing to pressure from President Recep Tayyip Erdogan , who favors lower rates as a part of an unorthodox strategy to encourage economic growth. The bank said it cut Turkey’s benchmark interest rate to 12% from 13%. The Turkish lira fell as much as 0.4% against the dollar to a new record low after the decision. One U.S. dollar recently bought 18.3866 lira.
☆ Turkish Lira hits record low after the country's central bank moves forward with another rate cut despite soaring inflation
  + stars: | 2022-09-22 | by ( Matthew Fox | ) www.businessinsider.com   time to read: +3 min
The Turkish Lira fell to a record low on Thursday after the country's central bank cut interest rates. Turkey's central bank has been cutting rates despite soaring inflation due to pressure from the country's president. Turkey's inflation rate topped 80% in August, and the central bank responded with a 100 basis point rate cut. The Turkish central bank cut rates by 100 basis points on Thursday, bringing its one-week repo rate to 12% from 13%. It is important that financial conditions remain supportive to preserve the growth momentum in industrial production and the positive trend in employment," Turkey's central bank said.
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