Brand new head of the Central Bank of the Republic of Turkey, picked by President Erdogan himself, managed the biggest key policy rate cut in at least 17 years, according to Bloomberg. Murat Uysal managed to slice 425 basis points off the key rate, the first rate cut since 2016, taking it to 19.75 per cent yesterday. The move was something the President had suggested earlier this month, as he believes that high interest rates cause rather than slow inflation. He fired the previous central bank head because he would not cooperate with this unorthodox monetary policy.
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