Ankara: The Central Bank of Turkiye has reduced its key interest rate by 250 basis points, bringing the one-week repo rate down from 43 percent to 40.5 percent. This decision was made during a recent meeting chaired by Governor Yasar Fatih Karahan.

According to Qatar News Agency, the Monetary Policy Committee also decided to lower the overnight lending rate from 46 percent to 43.5 percent and the overnight borrowing rate from 41.5 percent to 39 percent. The Committee observed a slowdown in the inflation trend in August and noted that growth in the second quarter surpassed expectations. It emphasized that the ongoing monetary tightening will persist until price stability is achieved, which will support the disinflation process.