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Turkish Central Bank cuts interest rates for third month

Turkish Central Bank cuts interest rates for third month

20 October 2022 15:25 (UTC +04:00)

Türkiye's central bank on Thursday cut its policy rate for the third consecutive month despite plunging lira and an annual inflation rate that has soared over 83 percent, APA reports citing Barrons.

The central bank said it was cutting its one-week repo rate to 10.5 percent from 12 percent, and said the surge in consumer prices is "driven by the lagged and indirect effects of rising energy costs".

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