ANKARA, Feb 19: Turkey’s central bank cuts its key overnight borrowing and lending rates Thursday, saying that inflation will decrease faster than expected as the Turkish economy slows down.
The bank’s monetary policy board said it trimmed the borrowing and lending rates by 1.50 percentage points to 11.5 and 14 percent respectively. Because of the ongoing global financial turmoil, the Turkish economy’s “recovery will take time.—AFP
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