Turkish Central Bank Slashes Rate Despite Weak Lira

Turkey's central bank slashed its key interest rates sharply for the third straight month despite stubbornly high inflation and send the currency Lira to a fresh record low. The Monetary Policy Committee of the Central Bank of the Republic of Turkey, governed by Sahap Kavcioglu, decided to cut the one-week repo rate by 100 basis points to 15.00 percent from 16.00 percent.