Turkey slashes policy rate by 50 basis points as country continues to reel from earthquake
Publishing timestamp: 2023-02-23 07:38:35
Summary
Turkey's central bank cut its policy rate by 50 basis points from 9% to 8.5% in response to the devastating earthquake earlier this month. The move was in line with expectations and is the lowest one-week repo rate in more than two years. The central bank stated that the impact of the earthquake is still being evaluated, but it is anticipated that it will not have a permanent impact on the performance of the Turkish economy in the medium term. The Turkish lira held steady at 18.87 against the US dollar following the central bank decision.
Sentiment: NEUTRAL
Tickers: TRY=,
Keywords: syria, business news, turkey, world economy, us dollar/turkish lira fx spot rate, central banking, recep tayyip erdogan,
Source: https://www.cnbc.com/2023/02/23/turkey-slashes-policy-rate-by-50-basis-points.html