Turkish central bank sees year-end inflation notably below projections

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.