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What you need to know:Turkey’s War Against the Markets
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Turkey’s Latest Rate Cut Comes With Caveat Despite Stronger Lira

Visitors wear protective face masks while shopping in the Mercan district of Istanbul, Turkey, on May 14.

Visitors wear protective face masks while shopping in the Mercan district of Istanbul, Turkey, on May 14.

Photographer: Kerem Uzel/Bloomberg
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Turkey delivered a ninth straight interest-rate cut in less than a year, acting with more restraint as the central bank looks to strike a balance between stimulating the economy and shielding a currency still trading near an all-time low.

The Monetary Policy Committee, led by Governor Murat Uysal, reduced its benchmark on Thursday to 8.25% from 8.75%, in line with the forecasts of most economists in a Bloomberg survey. The lira erased losses against the dollar after the announcement.