Turkey’s central bank slowed the pace of rate cuts at its latest meeting, after inflation came in higher than expected in September, the Wall Street Journal reported. The Central Bank of Turkey cut its benchmark rate to 39.5% from 40.5%, it said Thursday. Money markets priced in a three-quarter-point rate cut, although with the possibility of a bigger, one-percentage-point cut, according to LSEG data. The bank previously cut rates by 2.5 percentage points and 3 percentage points in September and July, respectively.

Turkish lawmakers are reportedly planning to consider legislation that would grant the country's financial crimes watchdog sweeping new authority to freeze bank and crypto accounts suspected of illegal activity, Decrypt.com reported. The draft bill would empower Masak, Turkey's financial intelligence unit, to take direct action against accounts suspected of criminal use across financial institutions and cryptocurrency platforms.

U.S. wind turbine blade maker TPI Composites has completed the sale of its Turkish operations after receiving approval from the US Bankruptcy Court in its chapter 11 proceedings, WindPowerMonthly.com reported. The blade maker announced the agreement to sell the assets to UAE-based company XCS Composites earlier this month as part of its ‘reorganisation bankruptcy’ proceedings. In a 4 September filing in Texas, TPI asked for the court to approve the transaction by 19 September, warning that there would be “serious risk” of XCS walking away from the transaction otherwise.

Turkey said on Monday it had terminated retaliatory tariffs imposed in 2018 on U.S. imports ranging from passenger cars to fruit, in a sign of warming bilateral ties as President Tayyip Erdogan travels to the United States. Erdogan is due to attend the United Nations General Assembly in New York this week ahead of a meeting at the White House on Thursday with U.S. President Donald Trump, who said he expected trade and military deals to be sealed during the visit.

Turkey’s central bank lowered borrowing costs for a second meeting in a row, noting that inflation continued to trend lower, the Wall Street Journal reported. The central bank said Thursday that it would lower its benchmark rate to 40.5% from 43%. It had previously cut its key rate to 43% from 46% in late July. “The underlying trend of inflation slowed down in August,” the central bank said.

Turkish inflation continued to ease as the third quarter progressed, clearing the way for the country’s central bank to keep trimming interest rates despite still-hot growth in the economy, the Wall Street Journal reported. Consumer prices were 33% higher on year in August, a rate of annual inflation that eased from 33.5% in July, figures from statistics office Turkstat showed Wednesday. Turkey’s central bank at its last meeting renewed cutting interest rates as inflation eases, having earlier in the year been forced to lift rates in response to market concerns over Turkish politics.

Turkey’s central bank moved to lower borrowing costs for the first time in nearly five months, restarting an easing cycle that had been disrupted by a political furor, the Wall Street Journal reported. The central bank said Thursday it would lower its benchmark rate by three points to 43% from 46%, marking the first time since early March that it has cut rates. Later that month, a prominent political rival to President Recep Tayyip Erdogan was arrested by police on what the opposition described as politically motivated charges.

Turkish steelmaker Sıddık Kardeşler Haddecilik, has been unable to overcome its ongoing financial difficulties and has filed for bankruptcy proceedings, SteelOrbis.com reported. Accordingly, the company and its partners have filed for bankruptcy with the Istanbul Anatolia Second Commercial Court of First Instance, with its debt reportedly amounting to TRY 2.6 billion ($90.32 million). The court granted the company a three-month temporary notice and appointed a temporary bankruptcy commissioner.