Turkey slashes to record low as growth slumps

The Central Bank of Turkey on Thursday chopped two percentage points off its benchmark rates, taking the measures to their lowest-ever levels.

The central bank's cut - the steepest for four years - leaves the key overnight borrowing rate at 13%. The overnight lending rate falls to 15.5%.

The cuts come after data revealed growth fell to a six-year low of 0.5% in the fourth quarter of 2008. The Monetary Policy Committee noted in its post-meeting statement that recent readings pointed to an inte

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