Turkey slashes policy rate to 15.75%

The Central Bank of the Republic of Turkey's rate-setting committee voted on Thursday to cut its benchmark overnight interest borrowing rate from 16.25% to 15.75%.

The lending rate fell by three-quarters of a percentage point from 23.75 to 23 %.

It is the fourth time in a row that the central bank has lowered rates amid signs that growth is slowing sharply.

The central bank said that third quarter GDP figures suggest a mainly supply-driven slowdown in economic activity. Private domestic deman