Last month, the Turkish Central Bank cut its rate by 100 basis points to 15%, and signaled that the rates would be cut further before the end of the year.

The rates had been slashed by 400 basis points since September 2021.

After the rate cut decision, the lira fell to a new record low against the dollar, reversing earlier gains.

The Monetary Policy Committee will announce the policy decision at 2 p.m. on Thursday.

The Monetary Policy Committee (MPC) is the decision-making body for monetary policy under the inflation targeting regime.

The MPC is made up of the Governor, Deputy Governors, a member appointed from among the members of the Board, and another member appointed by a joint decree upon recommendation of the Governor.

The Undersecretary of Treasury or a Deputy Undersecretary authorized by the Undersecretary can attend the meetings without voting capacity. (ILKHA)