Global events motivated Turkey's 50bp cut

The global economic slowdown expected to follow the credit crunch was behind the Turkish central bank's decision to cut its benchmark rate by 50 basis points earlier this month, minutes of the monetary policy meeting, published on Friday, reveal.

"The Committee assessed that the September rate cut decision led to a significant fall in both the medium and long-term interest rates, reducing the downward risks on medium-term inflation posed by global economic developments," the central bank said.

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