Turkey's Central Bank reduces rate to 36%

The Central Bank of Turkey lowered its main interest rate by 100 basis points to 36%, in line with expectations, after keeping it unchanged in the previous five meetings, amid anticipation of Iran's war impact on inflation. Economists expect a further decrease of 100 basis points at the December meeting, bringing the rate down to 35%. Data showed the annual inflation rate declined to 29.73% in September from 31.51% in August, with the continuation of a tight monetary policy aimed at achieving a mid-term inflation target of 5%, despite persistent rising energy prices and geopolitical tensions threatening price stability.

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