Turkey lowers interest rate – now below 50 percent

Turkey, which is struggling with high inflation, is lowering interest rates for the first time in almost two years.

The central bank announces that the repo rate is being lowered from 50 to 47.5 percent.

The level of 50 percent has prevailed for most of 2024, in the hope of combating the inflation that has caused the Turkish lira to halve in value against, for example, the Swedish krona over two years.