Türkiye lowers policy rate after 2 years

The Central Bank of the Republic of Türkiye has lowered interest rate by 250 basis points to 47.5% on Thursday, Anadolu reports. 

It was the first rate cut in around two years.

From May 2023 until this March, the bank raised the rate from 8.5% to 50%, and at the last eight meetings kept the rate constant.

Anadolu, surveying economists, had predicted that the bank would lower the rate by 150 basis points.

Earlier it was reported that foreign tourist arrivals in Türkiye hiked 9.3% in October.