T his article was originally written for Türkiye Today’s weekly economy newsletter, Turkish Economy in Brief, in its Oct. 26 issue. Please make sure you are subscribed to the newsletter by clicking here. Last week was a turbulent one for Turkish markets. Stocks continued to fall, investment fund liquidations progressed, and problems emerged with some private-sector debt payments, even as the Central Bank of the Republic of Türkiye (TCMB) delivered its first interest rate cut in nine months. At its October Monetary Policy Committee (MPC) meeting, the CBRT cut its policy rate by 100 basis points, from 37% to 36%, as markets had expected. However, changes to the wording of its policy statement sparked fresh debate over the outlook for further rate cuts.
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