[Today's Prayer] Turkey's benchmark interest rate lowered to 38.0%... "Food prices fall"

The Central Bank of Turkey lowered the benchmark interest rate for one-week repo transactions from 39.5% to 38.0% by 1.5 percentage points on November 11 (local time).

Since July, the Central Bank of Turkey has lowered the interest rate, which was 46.0% at the time, a total of four times by 7.5 percentage points.

The Monetary Policy Committee explained, "Consumer prices in November were lower than expected due to a drop in food prices," and "The underlying trend of inflation has declined in October and November."

The Monetary Policy Committee added, "We will maintain our current tightening stance to create the necessary monetary and financial environment to achieve our medium-term inflation target of 5%."

Turkey experienced an economic crisis in October 2022 due to the COVID-19 pandemic, when other countries raised interest rates to recover liquidity, while Turkey maintained low interest rates. As a result, the inflation rate soared to 85.5% and the value of the lira plummeted.

Since May 2023, just after the presidential election, the Central Bank of Turkey has gradually raised the benchmark interest rate to 50.0%, returning to traditional monetary policy. Last month, the consumer price index in Turkey rose by 31.1%.

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Source: Yonhap News

Behold, I stand at the door and knock. If anyone hears my voice and opens the door, I will come in to him and eat with him, and he with me (Revelation 3:20)

Lord, I heard the news that the interest rate in Turkey has been lowered by 1.5%. After the COVID-19 pandemic, Turkey experienced a huge rise in inflation, and then the central bank raised the benchmark interest rate to 50%, causing serious economic difficulties for Turkey.

Now, although the Central Bank of Turkey has been lowering the interest rate since July, it is still a long way from normalization.

Lord, I want you to intervene in the unstable economic situation of Turkey. Please help the economy of Turkey stabilize as soon as possible.

You know the souls in Turkey who are suffering from serious economic difficulties. I believe that now is the time when Jesus is knocking on the door of the hearts of the people of Turkey.

Lord, when you knock on the door, may the people of Turkey open the door and eat with you.

To this end, please use the Korean Church and the global church to spread the gospel to the people of Turkey more quickly.

May the people of Turkey be filled with the grace and provision of Jesus, enjoy the peace and joy of salvation, and rise up as a people who spread this joy to all nations.