Turkey's central bank cut its key interest rate by 50 basis points to 8.5 percent on Thursday, in a bid to support the economy that has been devastated by the most severe earthquake in decades. "The Committee assessed that the current monetary policy stance after the measured reduction is adequate to support the necessary recovery in the aftermath of the earthquake by maintaining price stability and financial stability," the Central Bank of the Republic of Turkey, or CBRT, said in a statement.
The bank stressed that it has become even more important to keep financial conditions supportive to preserve the growth momentum in industrial production and the positive trend in employment after the earthquake.
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May 01, 2026 15:54 ET Central banks dominated the economics news flow this week with almost all major ones announcing their latest policy decisions and many boosted expectations for a rate hike in June. In other news, several countries released the preliminary data for first quarter economic growth. In the U.S., comments by Fed Chair Jerome Powell were also in focus as his term ends this month.