Turkey lowers rates for second consecutive month

The Central Bank of Turkey slashed its benchmark rate by 50 basis points following September's surprise quarter-point cut.

The benchmark overnight borrowing rate now stands at 16.75%. The central bank also narrowed the rate corridor by cutting the overnight lending rate by 75 basis points to 21.5%. This was "to limit the extent of potential fluctuations in overnight interest rates," the central bank said on Tuesday.

A half-point cut came as a surprise to observers who had anticipated rates

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