Turkey has cut interest rates for the second month running as President Recep Tayyip Erdoğan seeks to prioritise growth over financial stability ahead of next year’s elections.
The central bank announced on Thursday that it was lowering its benchmark one-week repo rate from 13 per cent to 12 per cent despite rampant inflation that exceeded 80 per cent in August.
The lira hit a record low after the announcement, falling to 18.387 against the dollar.
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