ANKARA (dpa-AFX) - Turkey's central bank reduced its key interest rates for the first time since January.
The Monetary Policy Committee of the Central Bank of the Republic of Turkey decided to cut the one-week repo rate by 100 basis points to 36.00 percent.
The committee also lowered the central bank overnight lending rate to 39.0 percent from 40.0 percent and the overnight borrowing rate to 34.5 percent from 35.5 percent.
This was the first reduction since January when rates were similarly lowered by 100 basis points.
Consumer price inflation eased to the lowest in nearly five years in September. Nonetheless, headline inflation stood at a double-digit 29.73 percent.
Policymakers noted that elevated energy prices due to ongoing geopolitical tensions continue to pose an upside risk to the inflation outlook.
'The impact of geopolitical developments on the inflation outlook through the cost channel, economic activity and expectations is closely monitored,' the bank said in a statement.
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