Turkey central bank cuts lending rate by 50 bps
The Monetary Policy Committee of the Turkish central bank trimmed the Marginal Funding Rate by 50 basis points to 9.00 percent from 9.50 percent. This was the fourth consecutive reduction in rate.
The bank had reduced the funding rate by 25 basis points in March and 50 basis points in April and May.
The overnight borrowing rate was left unchanged at 7.25 percent and the one-week repo rate at 7.50 percent. The outcome of the meeting came in line with expectations. ■