Turkey’s central bank cut its three main interest rates by more than economists expected, as it seeks to restrain capital inflows that strengthen the currency and hurt exporters. The lira fell to a 10-month low.
Turkey paid its last loan installment to the International Monetary Fund after a 52-year relationship, a triumph for Prime Minister Recep Tayyip Erdogan as government debt falls even as private borrowing surges.
Turkish Airlines staff will strike by May 23 if demands regarding pay and working hours aren’t met, according to the Hava-Is union, which says 212 jet orders in four weeks show the carrier has the means to improve conditions.
Economists are split on whether Turkish monetary policy is looser or tighter after central bank Governor Erdem Basci cut one of his three interest rates while saying he’d use an experimental tool to manage liquidity.