Turkish central bank sees year-end inflation notably below projections

Besides slowing inflation, US President Trump’s decision to lift economic sanctions on Turkey has helped the lira recover. (File photo: AP)

Turkey’s central bank said on Thursday recent forecast revisions suggest inflation is likely to be notably below the projections of its July inflation report by the year-end, as it cut its policy rate by 250 basis points.

“At this point, the current monetary policy stance, to a large part, is considered to be consistent with the projected disinflation path,” the bank said in its statement after its monetary policy committee meeting.

The bank lowered its benchmark one-week repo rate to 14.0 percent from 16.5 percent.

Last Update: Wednesday, 20 May 2020 KSA 09:54 - GMT 06:54