December 13, 2019 12:15 pm
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Turkey cuts interest rate
The Turkish banks are to grant more loans – and thus stimulate the struggling economy. For this reason, the Turkish central bank is once again cutting key interest rates, this time from 14 to 12 percent. It is the fourth consecutive easing in less than half a year. It remains to be seen whether these measures will be sufficient. The bank began cutting rates in July, having raised the key rate to 24% in September last year, when the economy tipped into recession. But the last rate cuts did not have the desired effect. Inflation rates continue to be high, and there has been little change in bank’s lending policy. Reuters
This post was written by Jens Secker
(Image rights: stockphoto.com/FilippoBacci)