Türkiye cuts key rate to 45%

The Central Bank of Türkiye has decided to cut the key rate at a meeting of the Monetary Policy Committee on January 23.

The rate, previously set at 47.5%, has been reduced to 45%.

"The committee decided to cut the key rate (the weekly repo auction rate) to 45%",

the Turkish Central Bank said.

High inflation remains in Türkiye. Earlier, the country's President Recep Tayyip Erdoğan said that this year the government plans to gradually lower the key rate to reduce inflation.