Economics · Oct / Nov 2024 · Paper 23 · Question 5

In 2021, the central bank of Turkey cut the interest rate on four occasions. This was despite the country’s inflation rate rising from 15% at the start of the year to 36% at the end of the year. Turkish commercial banks attracted more customers which led to a 10% rise in bank deposits. The country’s currency, the Turkish lira, fell to a record low against the US dollar later that year.

Read automatically from the paper; the printed page above is exact.