Turkey Cuts Rates First Time in 7 Months as Economy Slows

Turkey’s central bank cut interest rates for the first time in seven months in response to lower-than-forecast inflation and slowing economic growth.

The bank in Ankara reduced its overnight lending rate, the top end of its interest-rate corridor, by 150 basis points to 10 percent, according to its website. Six economists surveyed by Bloomberg had expected a 100 basis-point reduction. The bank held its benchmark one-week repo rate at 5.75 percent, in line with forecasts. It’s the first change in the corridor since a cut of 100 basis points to the top rate in February.