INSTANT VIEW-Lira tumbles after Turkey cenbank ploughs on with 100 bps cut - NewsBreak
By Merima in Business
Updated 3 years ago
LONDON, Sept 23 (Reuters) - Turkey's central bank unexpectedly slashed its policy rate by 100 basis points to 18% on Thursday, sending the lira to near a record low. "Ridiculous move by the CBRT - but not unexpected. Erdogan gets what Erdogan wants. But inflation is rising and yet they are cutting rates. The CBRT is taking a huge risk with the exchange rate."
