Turkey lowers interest rate despite inflation soaring to 80% ...Kuwait

The New Arab - News

Turkey’s central bank on Thursday lowered its key interest rate despite inflation surging to nearly 80% and making it difficult for people to buy what they need, falling in line with the unorthodox economic views of the country's president. In a statement following a monetary policy committee meeting, the bank said it decided to reduce the policy rate from 14% to 13%. President Recep Tayyip Erdogan has pressured the bank into lowering borrowing costs in a bid to boost economic growth, investment and exports, insisting that interest rate hikes cause inflation. That contradicts established economic thinking, with rate increases the traditional tool to target inflation.

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Last updated : 18 August 2022 clock 03:56 PM

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Turkey lowers interest rate despite inflation soaring to 80% ...Kuwait

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