Turkey's central bank cuts discount rate

The Central Bank of Turkiye has decided to cut the discount rate from 14% to 13%, Report informs referring to the regulator's statement.

"The Monetary Policy Committee has decided to lower the rate at weekly repo auctions from 14% to 13%," the regulator said in a statement following the meeting.

"The Central Bank of Turkiye this year kept the rate unchanged, and the lira is gradually weakening: if at the end of January the exchange rate was about 13.5 lira per US dollar, then at the end of February it was already 14 lira, and now it reaches 18 lira. Inflation in annual terms, according to the country's Institute of Statistics, accelerated in July to 79.6%," the report said.