Recession-hit Turkey cuts rates

Turkey's central bank surprised some observers on Thursday 16 July when it cut overnight borrowing by a full 50 basis points to 8.25%, against a more cautious cut of 25 basis points. Lending rates were also cut, to 10.75% from 11.25%.

Analysts were quick to point out that the central bank decision was made in the context of inflation, which is currently at an historic low (the year end figure is expected to be around 5.2%, unprecedented for a country which until just a few years ago was nearing

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