ANKARA (dpa-AFX) - Turkey's central bank reduced its key interest rate by a sharp 100 basis points despite the recent depreciation in the currency.
The Monetary Policy Committee 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.
This was the third rate cut so far this year. The bank had reduced another 100 basis points in March.
The central bank said it will continue to use all available instruments in pursuit of the price stability and financial stability objectives.
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