Despite Near 80% Inflation, Turkey’s Central Bank Cuts Rate Down to 13%

Posted on 08/19/2022

On August 18, 2022, Turkey’s central bank surprised markets with a cut to its benchmark policy rate. This is despite inflation in the country sitting at 79.6% year over year – its highest in 24 years. At that time the Turkish lira fell 0.9% against the U.S. dollar. The Central Bank of the Republic of…

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