Turkey’s new central bank governor slashes rate 425 basis points to 19.75%
President Recep Tayyip Erdogan fired the previous governor for failing to act, leaving Murat Uysal to navigate the conflicting demands of markets and the presidency
25 July 2019 - 17:52
Istanbul— Turkey’s new central banker delivered the biggest interest-rate cut in at least 17 years, putting President Recep Tayyip Erdogan’s unconventional policy goals into practice less than three weeks after getting the job.
The monetary policy makers led by Murat Uysal slashed the benchmark borrowing rate by 425 basis points to 19.75% on Thursday, exceeding all but one of the 34 analyst forecasts. It was the first cut since 2016 and the biggest since a shift to inflation targeting in 2002...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.