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

Wounded and 'afraid,' Rohingya seek Bangladesh...

Sep 5, 2017

With thousands of Rohingya refugees streaming across the swampy border into Bangladesh, one...

UNHCR: 123,000 Rohingya refugees have fled Myanmar

Sep 5, 2017

The UN refugee agency says about 123,000 Rohingya refugees have entered Bangladesh since violence...

The Latest: UN says 146,000 have now fled Myanmar...

Sep 7, 2017

The United Nations says some 146,000 people have fled Myanmar into Bangladesh since violence...

Seeking home's comforts, Rohingya couple make...

Sep 7, 2017

A young Rohingya couple seeking the comforts of home made a deadly choice; the man's brother made...

The Latest: Amnesty decries burnings targeting...

Sep 14, 2017

The Latest:UK says suffering of Rohingya an 'abomination'.

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