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Turkey cuts policy rate to 13% despite soaring inflation

admin-augaf by admin-augaf
August 18, 2022
in Business, Finance, International
Reading Time: 1 min read
0
Turkey's Central Bank headquarters is seen in Ankara, Turkey

Turkey's Central Bank headquarters is seen in Ankara, Turkey

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London August 18 2022: Turkey's central bank shocked markets on Thursday by cutting its policy rate by 100 basis points to 13%, saying it needed to keep driving economic growth despite inflation surging to near 80% and a global tightening trend among its peers.

All 14 economists polled by Reuters had expected the bank to hold its policy rate at 14%. The lira weakened 1% after the rate decision.

Source: Reuters

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Tags: Central BankInflationpolicy rateTurkey
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