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

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.

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 has left its benchmark interest rate at a record 21%, holding off on further increases despite high consumer inflation fueled by the Kremlin’s war against Ukraine.

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.