Despite a weaker currency exchange rate, Turkey's central bank reduced its key interest rate by a sharp 100 basis points to mitigate the economic fallout from the coronavirus outbreak.
The Monetary Policy Committee of the Central Bank of the Republic of Turkey, led by Governor Murat Uysal, cut the policy rate, which is the one-week repo auction rate, to 8.75 percent from 9.75 percent. Economists had expected only a 50 basis point reduction.
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