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Turkey’s C.bank delivers another interest rate cut as inflation retreats

Turkey’s C.bank delivers another interest rate cut as inflation retreats

Mubasher: Turkey’s central bank on Thursday delivered another cut to its benchmark interest rate, which came slightly above expectations.

The Monetary Policy Committee (MPC) decided to lower the one-week repo lending rate by 325 basis points (bps) to 16.50%, the Central Bank of the Republic of Turkey (CBRT) said on its website.

Last July, the CBRT cut its policy rate to 19.75%, from 24% in its first policy move since September last year.

In response, the Turkish lira (TRY) rose against the US dollar by 1.20%.

A retreating inflation this year paved the way for easing monetary policy.

Inflation declined more than anticipated to 15.01% last August, and it is likely to resume its downward trend.

By 11:40 am GMT, the USD/TRY pair dropped by 1.05% to TRY 5.6890.