In a statement issued by the Monetary Policy Committee of the Central Bank of Turkey, chaired by the bank’s governor, Shihab Kaujioglu.
It was announced that the interest rate on the Turkish lira would be cut by about 150 basis points, to drop the interest from 10.5% to 9%, after Turkish President Recep Tayyip Erdogan had expressed, last September, his hope that the Monetary Policy Committee of the Central Bank would cut The interest rate, and bring the price down to the single digits at the end of the year.
The interest rate cut comes after a reduction by the same rate last month, when interest fell from 12 to 10.5% and after three consecutive monthly cuts, after fixing the interest rate at 14% for seven previous sessions.

However, the exchange rates were not affected after the Central Bank’s decision today, Thursday, so that the Turkish currency maintained an opening price of 18.63 liras against the dollar and 19.40 per euro.
Turkish President Recep Tayyip Erdogan has confirmed that his country aims to strengthen the lira by lowering interest rates.
He added that Turkey would continue to cut interest rates, not raise them, reiterating his unorthodox view that lower interest rates would lead to lower inflation.
Erdogan also called on Turks to take advantage of low prices to make investments.