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Central bank makes big rate cut amid 80% inflation

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Central bank makes big rate cut amid 80% inflation

ISTANBUL (AP):

Turkey’s central bank delivered another massive interest rate cut Thursday despite eye-popping inflation above 80 per cent, moving the opposite way from world economies that are raising rates to control prices as the lira sunk to record lows.

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The Central Bank of the Republic of Turkey lowered the benchmark rate by one percentage point, to 12 per cent. The lira was trading around 18.38 against the dollar, weakening further than the previous record low of 18.36 in December.

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