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Economics

Turkey’s Central Bank Cuts Rates Again at the Lira’s Expense

  • Turkish currency slumped to record lows after the decision
  • Bank sees ‘limited’ room for further reductions this year
A currency exchange bureau on Taksim square in Istanbul, on Oct. 15

A currency exchange bureau on Taksim square in Istanbul, on Oct. 15

Photographer: Moe Zoyari/Bloomberg
Updated on

Powered by President Recep Tayyip Erdogan’s unorthodox monetary ideas, Turkey’s central bank delivered a bigger-than-expected interest-rate cut on “transitory” inflation, adding that it has limited room left for further reductions this year. 

The lira slumped to a record low.