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Turkey lowers interest rate even as inflation soars to 80%

FILE - People carry bags with goods in a commercial street in Istanbul, Turkey, Thursday, April 14, 2022. Turkey’s central bank has lowered its key interest rate despite inflation surging to nearly 80% and making it difficult for people to buy what they need. Following a monetary policy committee meeting Thursday, Aug. 18, 2022, the bank said it decided to reduce the policy rate from 14% to 13%. The decision is in line with President Recep Tayyip Erdogan’s opposition to high borrowing costs. (AP Photo/Francisco Seco, File) FILE - A man buys bread in the Ulus district of the capital Ankara, Turkey, Thursday, May 5, 2022. Turkey’s central bank has lowered its key interest rate despite inflation surging to nearly 80% and making it difficult for people to buy what they need. Following a monetary policy committee meeting Thursday, Aug. 18, 2022, the bank said it decided to reduce the policy rate from 14% to 13%. The decision is in line with President Recep Tayyip Erdogan’s opposition to high borrowing costs. (AP Photo/Burhan Ozbilici, File) FILE _ A screen displays exchange rates in a currency exchange shop in a commercial street in Istanbul, Turkey, Thursday, April 14, 2022. Turkey’s central bank has lowered its key interest rate despite inflation surging to nearly 80% and making it difficult for people to buy what they need. Following a monetary policy committee meeting Thursday, Aug. 18, 2022, the bank said it decided to reduce the policy rate from 14% to 13%. The decision is in line with President Recep Tayyip Erdogan’s opposition to high borrowing costs. (AP Photo/Francisco Seco, File)
Turkey lowers interest rate even as inflation soars to 80%