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Central Bank of the Republic of Turkey slashes key policy rate to 15%

Central Bank of the Republic of Turkey slashes key policy rate to 15%

The Central Bank of the Republic of Turkey (CBRT) on Thursday cut its benchmark one-week repo rate by 100 basis points from 16% to 15% in line with market expectations.

At its 11th Monetary Policy Committee (MPC) meeting this year, the bank said recent increases in inflation had been driven by supply-side factors such as rising food and import prices, especially in energy, and supply constraints.

In making the decision, the committee “evaluated the analyses to decompose the impact of demand factors that monetary policy can have an effect, core inflation developments and supply shocks.”

It said that while there is limited room due to these factors, the situation will be assessed in December.

With the latest cut, the monetary authority has lowered the key rate by 400 basis points since September.

Among 21 economists surveyed by Anadolu Agency (AA) on Tuesday, one predicted a 25-basis-point cut, while five others predicted the bank would cut the rate by 50 basis points, 13 by 100 basis points and two by 150 basis points.

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