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Turkish central bank "measuredly" cuts policy interest rate

Xinhua, February 24, 2015 Adjust font size:

Turkey's central bank on Tuesday cut its policy interest rate by 25 basis points, after President Recep Tayyip Erdogan vowed to pressure the bank into ease monetary policy to boost growth.

The Monetary Policy Committee decreased the one-week repurchase rate, or the policy rate, to 7.50 percent from 7.75 percent, the central bank said in a statement.

"The committee has favored on a measured cut in the interest rates," the statement said.

Meanwhile, the statement said the marginal funding rate was also reduced by 50 basis points from 11.25 percent to 10.75 percent and the borrowing rate was trimmed by 25 basis points from 7.50 to 7.25.

Turkish President Recep Tayyip Erdogan has frequently voiced a sharp interest rate cut call, saying that high interest rates are the biggest obstacle against investments and employment. Endit