The Central Bank of the Republic of Turkey on Thursday, has announced its decision to reduce the significant interest rates to help stabilise markets as inflation bites harder increasing beyond 80%.
The Central Bank in a statement said; “it has assessed that the updated level of policy is adequate under the current outlook,”
It was reported that markets should expect the “disinflation process to begin” as part of the measures taken.
The Country’s Monetary policy makers had opted for a 100 basis point cut, bringing the crucial one-week repurchase rate from 13% to 12%.
Meanwhile, in August the Turkish inflation rate was recorded at 80.2%, accelerating for the 15th consecutive month and the highest level in 24 years.