The Central Bank of the Republic of Turkey 🏦 (Fed) lowered its policy interest rate by 25 basis points to a range of 3.5-3.75, in line with expectations. The Fed reduced the discount rate by 25 basis points to 3.75.

In a statement from the Fed, it was noted that the decision made at the last meeting of this year was taken by a vote of 3 to 9.

The statement indicated that Fed Board Member Stephen Miran voted against the 50 basis point interest rate cut, while Chicago Fed President Austan Goolsbee and Kansas City Fed President Jeffrey Schmid voted against it because they favored keeping the policy rate unchanged.

The statement mentioned that current indicators suggest that economic activity is expanding at a moderate pace, noting that employment growth has slowed this year and the unemployment rate has slightly increased until September.