KAYSERI, Turkey 

The realistic monetary policy of the Central Bank and the strong position of the state banks have eliminated the interest pressure on the market, Turkey’s treasury and finance minister said on Friday. 

Addressing a businesspeople meeting in Kayseri, central Anatolia, Berat Albayrak recalled that interest rates were lowered by 1,200 basis points during the last five months.

On Thursday, Turkey’s Central Bank cut interest rates by 200 basis points from 14% to 12%.

In 2018, the bank held nine Monetary Policy Committee (MPC) meetings as interest rates climbed from 8% to 24% over the course of the year.

Read more: Interest pressure on market dismissed: Turkish official