The Central Bank of the Republic of Türkiye has lowered interest rate by 250 basis points to 47.5% on Thursday.

It was the first rate cut in around two years.

From May 2023 until this March, the bank raised the rate from 8.5% to 50%, and at the last eight meetings kept the rate constant.

Anadolu, surveying economists, had predicted that the bank would lower the rate by 150 basis points.