Turkish central bank makes biggest rate cut this year

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Turkish central bank makes biggest rate cut this year

STORY: Turkish central bank makes biggest rate cut this year DATELINE: Oct. 21, 2022 LENGTH: 00:01:05 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of Turkish central bank 2. various of a market STORYLINE: Turkish central bank cut the benchmark rate by 1.5 percentage points to 10.5 percent on Thursday, a major decrease this year despite high inflation. The central bank's Monetary Policy Committee decided to reduce the policy rate by 150 basis points to maintain supportive financial conditions to preserve the growth momentum in industrial production and the positive trend in employment amid increasing global economic uncertainties and geopolitical risks. The bank signaled that a similar rate cut would be made in November and that the interest rate reduction cycle would come to an end. The bank had kept the interest rate at 14 percent for eight months and lowered it by 1 percentage point each in August and September, while Türkiye's annual inflation hit 83.45 percent in September, the highest in

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