Turkey's Central Bank cuts interest rates

By Tuba Sahin

ANKARA (AA) - The Central Bank of Turkey (CBRT) on Thursday cut its one-week repo rate by 250 basis points.

The bank's policy rate, also known as one-week repo auction rate, became 14%, down from 16.50%.

The decision was above market expectations.

A group of economists polled by Anadolu Agency on Monday expected an average drop of 100 basis points in one-week repo rate.