Turkey's central bank Tuesday went on to deliver another slash in its policy rate, this time by a more than expected 250 basis points, extending an easing cycle and taking advantage of an inflation dip and a steadier lira, APA reports citing Daily Sabah.
The Central Bank of the Republic of Turkey (CBRT) cut its benchmark policy rate – one-week repo auction rate – to 14%, down from 16.5%.
A group of economists polled by Anadolu Agency (AA) on Monday expected an average drop of 100 basis points in one-week repo rate. A similar situation was observed in a Reuters poll; the median estimate in the poll of 20 economists was a 1 percentage point cut.
The slowing inflation and the spike in the lira after U.S. President Donald Trump announced on Wednesday that Washington had lifted all sanctions against Turkey over its military operation in northern Syria earlier this month have paved the way for the central bank to continue its cutting cycle.
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