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 cut its key interest rate by 250 basis points to 47.5% on Thursday, a bit more than expected, launching an easing cycle meant to leave behind protracted economic turmoil and a cost-of-living crisis.

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.

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.