Turkey cuts, signals lower rates to come

turkey-banknote

The Central Bank of Turkey lowered its benchmark interest rates by half a point on Thursday and warned that lingering problems across the global economy were yet to be completely resolved.

The central bank's Monetary Policy Committee cut the overnight borrowing rate to 6.75% and the lending rate to 9.25%, saying recent data releases were in line with previous assessments.

"The ongoing recovery in economic activity will be gradual and protracted. External demand and domestic investment demand rem

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