Turkey’s central bank cut its main interest rate for the first time since the outbreak of the Iran war, after inflation eased to its slowest pace in almost five years.

JPMorgan Chase & Co.’s securities unit in Turkey said it planned to cease operating in the country.

The crisis roiling Turkey’s investment industry may be spilling into its fast-growing corporate bond market, potentially crimping smaller companies’ access to financing.

Turkey is allowing the lira to slide more quickly in order to prevent sharper weakness in the longer term, central bank Governor Fatih Karahan told investors at meetings in Bangkok, according to people with direct knowledge of the matter.

Federal Reserve Governor Christopher Waller said further interest-rate hikes will likely be needed to slow inflation, though officials have some flexibility on timing and don’t need to tighten at consecutive policy meetings.

Turkish inflation continued to slow in September, raising the prospect of an interest rate cut at the next central bank meeting to help ease liquidity strains stemming from a domestic funds crisis.

Turkish inflation continued to slow in September, raising the prospect of an interest rate cut at the next central bank meeting to help ease liquidity strains stemming from a domestic funds crisis.

Turkish authorities arrested former central bank official Erkan Kilimci as part of a widening investigation into an alleged Ponzi scheme, Ekonomi news website reported on Friday.

Turkey arrested the brokerage founder at the center of an investigation into imploded stock funds that have caused billions of dollars of investors’ money to evaporate.

Goldman Sachs Group Inc. analysts said Turkish investors exiting money market funds during a redemption crisis are most likely transferring a majority of their savings to lira deposits.

Turkish authorities on Saturday detained high-profile finance executives as part of an investigation into a “ponzi-like” funds scheme.

Turkey’s sovereign wealth fund bought stocks on Thursday to prop up the nation’s equity market, according to people with knowledge of the matter, the latest move to contain fallout from a crash in the country’s fund management industry.

Turkish citizens piled into some high-profile investment funds in recent years, lured by extraordinary gains that would make many finance professionals pause.

Turkish authorities said several top finance executives were detained while others were given a travel ban, according to a statement on Thursday, as part of an investigation related to mass outflows from some funds this week.

The Turkish central bank left its main interest rate unchanged, signaling policymakers’ caution in balancing a slowdown in inflation with a jump in crude oil prices.

The United States sanctioned Golden Global Investment Bank, a relatively small Turkish firm, as Treasury Secretary Scott Bessent continues his efforts to isolate Iran’s economy after a muted start to a new sanctions effort.

Turkey has launched an investigation into Ahmet Davutoglu, a former prime minister and previous close ally of President Recep Tayyip Erdogan.

A surge of money into Turkish lira assets is creating a dilemma for policymakers, who are weighing how to curb speculative short-term flows without choking off an important source of support for the currency.

Pakistan said six to seven Muslim-majority countries are interested in joining the Mecca Defense Agreement, as top diplomats from Pakistan, Saudi Arabia and Turkey met in Istanbul on Monday to discuss security and military cooperation.

Turkey’s $1.7 trillion economy grew faster than expected in the second quarter despite tightening measures introduced to buffer the economic fallout of the Iran war.