Turkey Central Bank Cuts Overnight Lending Rate to 9.5%
- Rate lowered by 50 basis points; third reduction since March
- Bank’s one-week repo and overnight borrowing rates unchanged
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Turkey’s central bank cut its overnight lending rate for a third month on Tuesday, calling the reduction a “measured” step toward simplifying its monetary policy.
The bank lowered the rate by 50 basis points to 9.5 percent, matching the median estimate in a Bloomberg survey. The one-week repurchase and overnight borrowing rates were kept at 7.5 percent and 7.25 percent respectively, the bank said in a statement.