Turkey Cuts Overnight Lending Rate Following Failed Coup
- Central bank lowered rate by 25 basis points to 8.75 percent
- Bank’s one-week repo and overnight borrowing rates maintained
Turkish Lira's Coup Slide Expected to Slow Rate Cuts
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Turkey’s central bank cut its overnight lending rate by a quarter point, slowing the pace of borrowing cost reductions after the weekend’s failed coup attempt that roiled markets.
The bank lowered the rate to 8.75 percent -- the fifth reduction to one of its three key rates in as many months -- 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, the bank said in a statement.