Turkey cuts interest rates again despite 80% inflation

The number of Russian tourists to Europe decreased significantly during the summer, but increased in several other destinations, including Turkey (here). Onur Dogeman | soba pictures | Light Rocket | Getty Images Turkey’s central bank surprised markets once again with its decision on Thursday to cut its key interest rate, despite the country’s inflation soaring … Read more

The European Central Bank raises interest rates by 75 basis points

On Thursday, the European Central Bank announced a 75 basis point rate hike, raising the deposit rate to 0.75%. “This major step advances the transition from the prevailing ultra-facilitative level of policy rates to levels that will ensure a timely return of inflation to the ECB’s medium-term target of 2%,” it said in a statement. … Read more