Türkiye’s central bank slashed its policy rate by a more-than-expected 150 basis points to 10.5% on Thursday, and promised to halt the easing cycle urged by President Tayyip Erdogan after another similarly-hefty cut next month.
The move pushed the lira to a record low near 19 to the dollar and comes after Erdogan repeatedly advocated for the unorthodox easing cycle and specifically called for single-digit rates by year-end.
