Türkiye cuts interest rate for 2nd month despite raging inflation

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Türkiye cuts interest rate for 2nd month despite raging inflation

STORY: Türkiye cuts interest rate for 2nd month despite raging inflation DATELINE: Sept. 23, 2022 LENGTH: 00:01:00 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of the Turkish central bank 2. various of Lira 3. various of people walking on the street STORYLINE: The Turkish central bank on Thursday cut its benchmark rate for the second month in a row from 13 percent to 12 percent despite inflation running at a two-decade high. Financial conditions remain supportive to preserve the growth momentum in industrial production and the positive trend in employment in a period of increasing uncertainties regarding global growth as well as escalating geopolitical risk, the central bank's Monetary Policy Committee said in a statement. In the aftermath of the central bank's rate-cut decision, the Turkish lira fell to a new record low of 18.42 against the U.S. dollar. Türkiye's annual inflation hit 80.21 percent in August, the highest in 24 years. Turkish President Recep Tayyip Erdogan is an advocate

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