Turkey’s central bank has defied warnings from the business world and opposition parties by slashing its main interest rate despite rising inflation and an ailing currency.
Bucking the global trend at a time when both developed economies and other emerging markets are adopting a hawkish stance, the bank lowered the cost of borrowing by a full 2 percentage points — a far deeper cut than the markets expected.
The lira, which had already lost about 20 per cent of its value against the dollar this year prior to the announcement, fell a further 2 per cent on the news, hitting a fresh low of TL9.47 to the US dollar.
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