The Central Bank of the Republic of Turkey cut its key policy rate today (May 21), continuing the sharp easing cycle it started last year.

The CBRT reduced the key one-week repo rate by 50 basis points to 8.25% in its ninth consecutive rate cut since July 2019. In that month, Turkish president Recep Tayyip Erdoğan dismissed central bank governor Murat Çetinkaya for refusing to agree to lower rates.

Under Çetinkaya’s successor, Murat Uysal, the CBRT has reduced rates at every monetary policy

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