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  • Turkey's central bank on Wednesday cut key interest rates for the sixth time in seven months, apparently unfazed by high inflation and currency weakness. The bank shaved another 0.5 points off its main interest rate, taking it to 10.75 percent from 11.25 previously, it said in a statement, having gradually lowered the rate from a peak of 24 percent since July. The bank said the cut was justified by a continuing need to strengthen a "recovery in economic activity". Investment and employment were still weak due to poor global conditions, it said. The decision came despite stubbornly high inflation, which stood at 12.5 percent in January, as well as the continued weak state of the lira. President Recep Tayyip Erdogan takes the unorthodox view that high interest rates lead to high inflation, and has frequently called for them to be lowered. But faced with a currency crash linked to the threat of US sanctions in summer 2018, the central bank pushed the rate up to the unprecedented level of 24 percent. ezz/er/jh
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  • Unfazed by inflation, Turkey cuts interest rates again
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