Turkey cut interest rates for the first time since March, when the arrest of a leading opposition figure halted the central bank’s recently adopted easing cycle.
The Monetary Policy Committee slashed rates by more than expected on Thursday, driving the one-week repo rate to 43% from 46% on Thursday. The median forecast among economists in a Bloomberg survey was for a cut of 250 basis points, with only two penciling in a reduction of 300 basis points.