Turkiye’s central bank cuts its key interest rate by 100 basis points

“It is important that financial conditions remain supportive to preserve the growth momentum in industrial production and the positive trend in employment in a period of increasing uncertainties regarding global growth as well as escalating geopolitical risk. Accordingly, the Committee has decided to reduce the policy rate by 100 basis points, and has assessed that the updated level of policy rate is adequate under the current outlook,” the bank said in a statement released following the meeting of the Monetary Policy Committee.

Turkish Lira weakens against the U.S. dollar after the bank’s Monetary Policy Committee rate decision.

Last month, the bank decided to reduce the policy rate (one-week repo auction rate) from 14.00 percent to 13.00.  (ILKHA)