The Turkish central bank has lowered the benchmark interest rate for the second time in August

Xinhua News Agency, Ankara, September 22 (Reporter Wang Tengfei) The Central Bank of Turkey announced on the 22nd that the benchmark interest rate was reduced by 100 basis points to 12%.This is the second time the Turkish central bank has lowered the benchmark interest rate after 100 basis points cut in August this year.

On the same day, the Turkish Central Bank Monetary Policy Committee issued a statement saying that under the circumstances of the uncertainty of global economic development and the rise in geopolitical risks, the financial industry should provide support for industrial development and promoting employment.

Affected by Feds' continuous interest rate hikes and other factors, since the beginning of this year, Turkish currency lira has continued to decline to the US dollar exchange rate, which has now fallen below 18 to 1, reaching the lowest point of history.According to Turkish official data, the country's inflation rate in August reached 80.21%, the highest point in 24 years.

Economists expect that Turkey's inflation rate will remain high this year.

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