Turkish central bank cuts key interest rate and wants to support the economy

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Turkish lira

The key interest rate in Turkey was 24 percent less than a year ago.

(Photo: Reuters)

Istanbul The Turkish central bank is helping the economy suffering from the coronavirus pandemic with a rate cut. The key rate will be lowered by 50 basis points to 8.25 percent, the central bank said on Thursday. Experts had expected such a step. It is the ninth rate cut in a row. In July 2019, the base rate was still 24 percent. The lira temporarily rose slightly on the financial market, but was unable to maintain its gains.

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