Turkey votes for another 50bp cut

The Central Bank of Turkey's rate-setting committee cut the benchmark overnight borrowing rate by half a percentage point to 16.25% on Wednesday.

The Monetary Policy Committee also decided to narrow the rate corridor by lowering its lending rates by 75 basis points. The overnight lending rate is now 20.75%.

"Readings on economic activity and inflation are in line with the outlook presented in the October Inflation Report. While the demand for private consumption and investment displays recove