Rate Cuts Bring Turkey Closer to Single-Benchmark Policy: Chart

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As Turkey’s central bank lowers borrowing costs it is also delivering on a pledge to simplify monetary policy. Policy makers cut the overnight benchmark by another 50 basis points to 9 percent on Tuesday, bringing the reduction since March to 175 basis points. The spread over the one-week repo rate is now the narrowest since Turkey introduced its a multi-pronged policy in 2010.