The country's central bank cited slowing inflation, down from 85% in late 2022 to 47% last month, in its decision.

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

The Turkish central bank said on Wednesday it planned to end the foreign exchange-protected Turkish lira deposit scheme, the so-called KKM, next year as

Policymakers in Frankfurt indicated a clear dovish shift, but exactly where they will stop rate cuts remains a topic of debate.

Russia’s central bank left its key interest rate unchanged as it struggles to contain a surge in inflation driven by the diversion of men and material to prosecute Vladimir Putin’s invasion of Ukraine.

Russia’s central bank on Friday left its key interest rates unchanged at 21%, citing monetary tightness as Moscow wages its ongoing battle with sky-scraping inflation.

The Central Bank of the Republic of Turkey (CBRT) has cut its benchmark one-week repo rate by 250 basis points, bringing it down to 47.5%. The move exceeded economists' forecasts of a 150-basis-point reduction and marked a shift in monetary policy after eight consecutive meetings.

By Nevzat Devranoglu ANKARA (Reuters) -Expectations of a Turkish central bank rate cut strengthened on Wednesday after a less-than-requested minimum wage hike, economists said, as it showed the government's determination to reach disinflation targets.