Turkey’s central bank lowered its main interest rate for the first time in almost two years, pointing to slower consumer demand and the currency’s strength for a larger-than-expected cut of 250 basis points.

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.