The Turkish Central Bank announced this Thursday that it was cutting its reference interest rate for one week by 50 basis points to 8.5%. The cut, less than expected and taken after 2 months without changes in its monetary policy, occurs “to support the necessary recovery after the earthquake, maintaining financial and price stability.” “Before the worst natural disaster of this century, the indicators pointed to strong domestic demand… and an increase in growth in the first quarter,” says the Central Bank, which although it claims to be vigilant against the effects of the earthquakes on inflation, adds that the earthquake “will not have a permanent impact on the Turkish economy in the medium term.”
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Pablo Gómez is a specialist in Turkey and has been editor-in-chief of Hispanatolia since 2011. He has been analysing current affairs and geopolitics in Turkey and the surrounding region since 2006.
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