The Central Bank has announced a 250 basis point cut to its benchmark interest rate, reducing the one-week repo auction rate from 43% to 40.50%.
The bank also lowered the overnight lending rate from 46% to 43.5%, and the overnight borrowing rate from 41.5% to 39%.
In its statement, the Monetary Policy Committee (MPC) said the core trend of inflation slowed in August. However, the Turkish Statistical Institute (TurkStat) had reported monthly inflation at 2.04% and annual inflation at 32.95% in its most recent bulletin. (HA/VK)
