Turkish central bank cuts key rate deeply under new governor

A window cleaner waves as he takes a break from repelling down the side of a high-rise building in Istanbul, Monday, July 15, 2019. (AP Photo/Lefteris Pitarakis)

ANKARA, Turkey — Turkey's central bank has slashed the key interest deeply, by 4.25 percentage points, in a first monetary policy meeting under its new governor.

The interest rate was cut Thursday to 19.75% from 24%.

President Recep Tayyip Erdogan dismissed the previous governor, Murat Cetinkaya, on July 6 over disagreements on interest rate cuts and reiterated his belief that interest rates are "the mother of all evil."

Cetinkaya was replaced by Murat Uysal, the deputy governor.

Turkey's currency nosedived last year over concerns about high levels of foreign debt, Erdogan's economic policies and a diplomatic dispute with the United States. At the time, the central bank raised interest rates sharply, from 17.75 % to 24% to support the currency and fight inflation. The rate had remained unchanged since then.

Must Read

The Latest: Rohingya rally outside Australian...

Sep 4, 2017

Around 300 protesters from Australia's Rohingya community rallied outside Parliament House and...

Aid groups struggle as more Rohingya flood into...

Sep 7, 2017

Aid agencies struggle as more Rohingya flood into Bangladesh, with the U.N. counting 146,000...

The Latest: India urges Myanmar to act with...

Sep 10, 2017

The Latest: India has urged Myanmar to handle the situation in its Rakhine state with restraint...

Bangladesh leader visits Rohingya refugees,...

Sep 13, 2017

Bangladesh leader demands Myanmar take back Rohingya refugees, says she will not 'tolerate...

Bangladesh restricts Rohingya refugees, starts...

Sep 18, 2017

Bangladeshi authorities are trying to restrict the movement of Muslim Rohingya refugees fleeing...

About Us

Get all the up-to-date breaking news about politics, business, entertainment, sports, lifestyles, weather, traffic, and local news in a seamless digital environment only in Morning Dispatcher.

Contact us: sales[at]morningdispatcher.com

Subscribe Now!

Quick Links

HomePress