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Newshour: 16/12/2021 14:06 GMT: Turkey cuts rates despite spiralling inflation

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16/12/2021 14:06 GMT

16/12/2021 14:06 GMT: Turkey cuts rates despite spiralling inflation

Turkey cuts rates despite spiralling inflation

BBC World Service - Newshour, Turkey cuts rates despite spiralling inflation

Turkey cuts interest rates despite the impact of spiralling inflation

Turkey has cut interest rates for the fourth time in as many months, despite spiralling inflation and a currency crisis.

Turkey has cut its interest rate for the fourth time in as many months. Its central bank cut its main interest rate by 1%, from 15% to 14%, amid pressure from President Recep Tayyip Erdogan for rates to be cut to stimulate the economy.

The move has sent its currency tumbling to new lows, with many people feeling the impact of inflation when buying essential items.

Also in the programme: South Korea has become the latest country to re-impose coronavirus restrictions in response to a surge of infections, five children have died after a bouncy castle was blown into the air in Australia and we hear more about the album of Australian birdsong that's outselling Justin Bieber and Michael Bublé.

(Picture shows the hands of a man counting Turkish banknotes. Credit: Getty Images)

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16/12/2021 14:06 GMT: Turkey cuts rates despite spiralling inflation

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