Turkey cuts interest rate despite soaring inflation

Turkey cuts interest rate despite soaring inflation
1 min read
Turkey's central bank cut interest rates for the second successive month on Thursday.
The bank cut its policy rate to 16 from 18 percent despite soaring inflation and a depreciating currency. [Getty]

Turkey's central bank cut interest rates for the second successive month on Thursday in what economists interpreted as confirmation of its loss of independence from President Recep Tayyip Erdogan.

The bank cut its policy rate to 16 from 18 percent despite soaring inflation and a depreciating currency. The decision followed a renewed call from Erdogan to lower borrowing costs in order to promote economic growth.

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