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Turkey central bank lowers interest rate to 36 percent as inflation eases

The Central Bank of the Republic of Turkey reduced its key interest rate to 36 percent after consumer price growth slowed below 30 percent in September.

FTMQ Business, written by our newsroom0 views

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The Central Bank of the Republic of Turkey cut its benchmark one-week repo auction interest rate from 37 percent to 36 percent. Hispanatolia and VOI.ID both reported that the decision was announced after the Monetary Policy Committee met on October 22. Hispanatolia reported that the committee was chaired by the Central Bank Governor, Fatih Karahan. [1][6]

At the same time, the central bank reduced its overnight lending rate from 40 percent to 39 percent, according to Hispanatolia. The outlet reported that the overnight deposit rate was also lowered from 35.5 percent to 34.5 percent. This adjustment marks the first interest rate cut made by the Turkish central bank since January. [1]

Hispanatolia reported that positive inflation figures for September influenced the monetary policy decision. The Consumer Price Index fell below 30 percent for the first time in five years, leading analysts to anticipate an official rate reduction. [1]

The Central Bank of the Republic of Turkey conducts monetary and exchange rate policy, manages international reserves, prints banknotes, and regulates payment systems in the country. [8]

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In short

  • Turkey's central bank lowered its main one-week repo rate from 37 percent to 36 percent.
  • The central bank cut its overnight loan rate to 39 percent and deposit rate to 34.5 percent.
  • The interest rate reduction is the first by the Turkish central bank since January.
  • September CPI inflation in Turkey dropped below 30 percent for the first time in five years.

Sources

Every paragraph above points to the numbered items it rests on. Read the originals here.

  1. [1]Turkey's Central Bank cuts interest rates as Inflation FallsHispanatolia, 10d ago (the report this story comes from)
  2. [2]ECB Becomes First Major Central Bank to Raise Rates Since Inflation Resurgencetovima.com, 11d ago
  3. [3]Brazil’s Central Bank approves three lending rules — The Rio TimesUA.NEWS, 10d ago
  4. [4]Russian Central Bank Keeps Key Rate on Hold at 14%, Raises 2026 Inflation ForecastU.S. News - Money, 11d ago
  5. [5]Russian Central Bank Holds Key Interest Rate SteadyThe Moscow Times, 11d ago
  6. [6]After Five Times Arrested, the Turkish Central Bank Cuts Interest Rates to 36 PercentVOI.ID, 10d ago
  7. [7]Bank of Canada Poised to Raise Interest Rates for the First Time in Three Years as Inflation Concerns MountSSBCrack, 11d ago

Background

  1. [8]Central Bank of the Republic of Turkey on Wikipedia
  2. [9]2021–2023 inflation surge on Wikipedia

Our newsroom writes these reports with the help of software, from the 9 sources listed and nothing else, and checks them against those sources. Facts can still be wrong or move on; the originals are the record. Spotted a mistake? Write to daniel@monsterkong.com.

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