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Turkey’s central bank cuts interest rates by 50 basis points

by ChemOrbis Editorial Team -
  • 21/06/2016 (15:27)
According to media reports, Turkey’s central bank has cut its main interest rates for a fourth consecutive month, in line with expectations. The bank cut its overnight lending rate by 50 basis points today to 9% while it kept its benchmark one-week repo rate and overnight borrowing rate unchanged at 7.5% and 7.25%, respectively.

The bank’s decision to lower the rates was attributed to lower inflation rates. In May, Turkey’s inflation hit a three-year low of 6.58%, although it is still above the bank’s target of 5%.
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