ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter

Turkey's surprise rate cut plunges lira to new lows

Move follows Erdogan's assurance inflation is under control

Turkish President Tayyip Erdogan addresses the 76th Session of the U.N. General Assembly in New York on Sept.21.   © Reuters

ISTANBUL -- Turkey's central bank stunned markets on Thursday by slashing its key interest rate a full percentage point, with the lira plunging to record low levels.

The Monetary Policy Committee had been widely expected by forecasters to hold its one-week repo rate steady at 19%, but instead cut it by 100 basis points to 18%.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more