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21-08-22
Turkish Central Bank decreases interest rate to 13 percent
(MENAFN) Turkish Central Bank on Thursday decreased its interest rate by 100 basis points from 14 percent to 13 percent to rise expansion, based on an official statement.
When Russia and China, Türkiye's Central Bank cut rates to ensure financial activity would not slow down, regardless of economists' last prospects that rates would stay stable.
"Increase in inflation is driven by the lagged and indirect effects of rising energy costs resulting from geopolitical developments," the bank announced, noting that the outcomes of "pricing formations" not backed by financial fundamentals, in addition to strong negative supply shocks triggered by the increase in global energy, food, and agricultural commodity costs were as well accountable for high inflation.
The nation's yearly inflation reached 79.6 percent last month, up from 78.6 percent in June.
The bank added it anticipates the process of disinflation to begin amid restrictions to increase sustainable costs and monetary steadiness, as well as the resolution of current "the regional conflict."
MENAFN21082022000045012476ID1104729838
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