Turkey’s central bank has lowered its key interest rate by 2.5 percentage points to 47.5%, carrying out its first rate cut in nearly two years as it tries to control soaring inflation.

Turkey's central bank lowered its key interest rate on Thursday, the first cut in nearly two years as it battles with double-digit inflation. The central bank began to raise interest rates last year to battle soaring prices,

Turkey’s central bank lowered interest rates for the first time in almost two years after consumer inflation showed signs of easing and said that future easing steps would depend on price data.