Economic news

Turkish Cenbank Slashes Rates 100 pts in Face of Coronavirus

Turkey’s central bank slashed its key interest rate by a more than expected 100 basis points to 8.75% on Wednesday, in a muscular bid to keep stimulating the economy and mitigate fallout from the coronavirus pandemic.

The bank cut its benchmark one-week repo rate from 9.75%, marking its eighth consecutive rate cut in an aggressive easing cycle aimed at boosting economic growth.

In a Reuters poll of 18 economists, the median estimate was for a cut of 50 basis points, with estimates ranging between no change and a 100-basis-point cut. (Reporting by Daren Butler, Ezgi Erkoyun, Ali Kucukgocmen; Editing by Jonathan Spicer)

Source: Reuters

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