Interest rates in Turkey have been lowered by 250 basis points to 47.5% from 50%. A cut to 48.5% was expected. It is worth mentioning that inflation has fallen from 75% in May to 47% in November. USDTRY continues to rise, although there is no reaction to today's decision. The CBRT (Central Bank of the Republic of Turkey) continues to stabilize the market through currency interventions, which prevents further weakening of the currency. USDTRY has increased by almost 20% this year.
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