Turkey’s central bank makes big rate cut amid 80 per cent inflation

Critics also say the independence of the c and the official statistical institute have been undermined under Turkey’s presidency.

inflation

Turkey’s central bank delivered another massive interest rate cut Thursday despite eye-popping inflation above 80 percent.

Federal Reserve

The US Federal Reserve hiked rates by a large three-quarters of a point for the third consecutive time on Wednesday, that followed on Thursday by the Swiss National Bank’s biggest hike ever to its key interest rate.

Critics also say the independence of the central bank and the official statistical institute have been undermined under Turkey’s presidency.

Last year, the currency kept hitting record lows as the central bank lowered interest rates from 19percent.