Turkey cuts to fresh low

turkey-banknote

The Central Bank of Turkey lowered its benchmark interest rates to record levels on Thursday, extending a series of cuts that have seen official borrowing costs fall by nine percentage points.

The central bank lowered its overnight borrowing rate from 8.25% to 7.75% and its overnight lending rate from 10.75% to 10.25%. Both rates have fallen by nine percentage points since November.

The central bank's comments were little changed from last month, though it added that recent developments had "inc

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