Türkiye halts easing cycle with one last interest rate cut

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Türkiye halts easing cycle with one last interest rate cut

STORY: Türkiye halts easing cycle with one last interest rate cut DATELINE: Nov. 25, 2022 LENGTH: 00:01:23 LOCATION: Ankara CATEGORY: ECONOMY SHOTLIST: 1. various of the Turkish central bank 2. various of Turkish Lira and U.S. Dollar 3. various of people on the street 4. various of meat and bread STORYLINE: The Turkish central bank ended the easing cycle in benchmark rate with the last cut by 150 basis points to nine percent on Thursday. The central bank's Monetary Policy Committee said in a statement that "considering the increasing risks regarding global demand, the Committee evaluated that the current policy rate is adequate and decided to end the rate cut cycle that started in August." The central bank had kept the interest rate at 14 percent for eight months this year and started to lower it since August, while Türkiye's annual inflation hit 85.51 percent in October, the highest in 24 years. Turkish President Recep Tayyip Erdogan had pledged to bring rates into single digits before the end of this

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