On November 24, the Central Bank of Turkey lowered its key rate by 150 basis points to 9%, according to the Turkish TV channel. NTV.
At the previous meeting on October 20, the Turkish Central Bank cut its key rate by 150 basis points from 12% to 10.5%.
The regulator decided to end the easing cycle at the call of President Recep Tayyip Erdogan. The head of state instructed to bring the cost of borrowing to single digits by the end of the year despite inflation of more than 85%. In 2022 in Turkey fixed the highest inflation rate in the last 20 years.
Today's decision of the Central Bank of Turkey had almost no effect on the lira rate. By 14:22, the Turkish currency was trading around 18.63 per dollar.
Earlier, Bloomberg noted that amid rate cuts, the Turkish stock market became the most profitable in the world in 2022. The core Borsa Istanbul 100 index for 2022 is up more than 80% in dollar terms and 150% in lira.