Turkey’s Central Bank lowers interest rates for the first time in nearly 2 years

In Ankara, Turkey’s Central Bank lowered interest rates by 250 basis points to 47.5%, aiming to ease monetary tightening policies and combat inflation. This decision follows a period of aggressive rate hikes since June 2023, with annual inflation beginning to decline. The rate cut coincided with a 30% increase in the country’s minimum wage, falling short of demands by workers unions and remaining just above the hunger threshold.

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