Turkey’s central bank lowered its key interest rate by 2.5 percentage points to 47.5% on Thursday, carrying out its first rate cut in nearly two years as it tries to control soaring inflation. Citing slowing inflation,

Turkey's central bank lowered its key interest rate on Thursday, the first cut in nearly two years as it battles with double-digit inflation.

Turkey's central bank cut its key interest rate by 250 basis points to 47.5% on Thursday, a bit more than expected, launching an easing cycle meant to leave behind protracted economic turmoil and a cost-of-living crisis.

The decision to cut interest rates follows 18 months of monetary tightening and comes amid ongoing efforts to stabilize the country’s runaway inflation.

Turkey’s central bank lowered interest rates for the first time in almost two years after consumer inflation showed signs of easing and said that future easing steps would depend on price data.

Investing.com -- Turkey's central bank has made its first interest rate cut in almost two years, following signs of easing consumer inflation. The bank stated that any future easing steps would be dependent on price data.

Turkey's central bank is expected to start a cycle of interest rate cuts next week after eight months of steady policy, according to a Reuters poll on Thursday.