Breaking News: Central Bank announces new interest rate decision

Everyone was waiting for the interest rate decision to be made by the Central Bank today. Finally the decision made by officials was declared after said meeting was over. CBRT reduced the policy rate by 100 points to 15 percent.

Earlier economist (and related establishments) had made forecasts in regards saying they expected a reduction of 100 points minimum.

Normally a cut in interest rate triggers an increase in dollar / TL rate which has been moving around 9.50 to 9.90 currently.

It goes without saying a weakening TL (against the dollar) causes prices to go up, triggering inflation as Turkish economy is substantially dependent on importation.

Dollar has immediately started climbing up right after the decision taken and announced by CBRT