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Turkey’s central bank cut its key interest rate from 45% to 42.5%, marking its third straight reduction. This follows news that annual inflation has dropped below 40% for the first time in nearly two years, reaching 39.05% in February (down from 42.12% in January). This offers some relief to households struggling with diminished purchasing power.
Despite the rate cut, the central bank remains cautious. The Monetary Policy Committee stated they will closely watch inflation trends and adjust rates if needed. “While inflation expectations and pricing behavior tend to improve, they continue to pose risks,” the bank warned, promising to use monetary tools if inflation worsens significantly. Meanwhile, independent economists question the official figures, suggesting actual inflation may be much higher than reported.
