Turkey slashes policy rate by 50 basis points
Turkish President Tayyip Erdogan gives a statement after a cabinet meeting in Ankara, Turkey, May 17, 2021.
Murat Cetinmuhurdar | Reuters
Turkey’s central bank on Thursday slashed its policy rate by 50 basis points from 9% to 8.5% as the country continues to reel from the aftermath of a devastating quake which affected millions of lives.
The move was in line with expectations of analysts polled by Reuters, and the lowest in more than two years, according to Refinitiv data.
Two consecutive quakes rocked Turkey and Syria earlier this month, and were the region’s strongest in nearly a century with a death toll of more than 46,000 lives thus far.
The country’s most recent inflation rate in January stood at 57.68%.
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