The Central Bank of the Republic of Turkey (CBRT) has slashed a further two percentage points from its main rate, despite a recent surge in inflation.

The move continues the aggressive easing cycle the central bank has pursued since the summer. When Murat Uysal took over as governor in July, the policy rate was 24%. Following today’s decision, it now rests at 12%.

The consensus view among economists had been for a 150-basis point cut.

In a statement, the monetary policy committee said there