The Turkish central bank cut its benchmark interest rate by 150 basis points to 10.5% after annual inflation rose above 83% in September.
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The Turkish lira lost 29% of its value this year
On Thursday, the Turkish central bank cut its benchmark interest rate by 150 basis points to 10.5%, a more-than-expected decline, to continue its cycle of unconventional easing, after Turkish President Recep Tayyip Erdogan called for a rate cut below 10% by the end of the general year.
The one-week repurchase rate cut came after annual inflation rose above 83% in September as central banks globally run in the opposite direction to tighten policy.
The Turkish lira fell to an all-time low of 18.6150 against the dollar after the announcement, losing 29% of its value this year, as well as a decline of 44% in 2021.
Read also: Erdogan: Turkey will continue to cut interest rates as long as it remains in power
