Turkiye Central Bank cuts policy rate to 9%

The Turkish central bank on Thursday reduced its benchmark rate to 9% from 10.5%, even as inflation reached its highest level in almost 25 years in October, SİA reports citing Anadolu.

The bank was largely expected to cut interest rates to 9%.The consumer price index--which measures what consumers pay for goods and services--increased 85.5% in October on year, quickening from a 83.5% rise in September.

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