BREAKING: Lira drops as CBRT cuts rates by 100 basis points

The Central Bank of Republic of Turkey announced the interest rate decision at 12:00 pm BST. It was expected that the Bank would cut rates from 9.75% to 9.25%. However, Turkish central bankers decided to deliver a 100 basis points cut, to 8.75%. USDTRY jumped on the news and broke above the previous intraday high at 6.9860.

USDTRY jumped after CBRT delivered a deeper than expected rate cut. Source: xStation5

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