ANKARA
The Central Bank of Turkey announced a series of interest rate cuts on Tuesday.
The benchmark policy rate was cut to 7.50 percent from 7.75 percent.
The overnight lending rate was reduced to 10.75 percent from 11.25 percent.
On Monday, the Turkish lira weakened to its lowest level in two weeks against the dollar, about 2.47, ahead of the rate cut. Since the announcement, the lira has held at about 2.48.
The rate cut for the policy matched analyst expectations, but the cut in the so-called "corridor," a rate particularly critical for bank lending, was larger than analysts had predicted.
President Recep Tayyip Erdogan and other government officials have persistently criticized the central bank for its tight money policy, which they said limited growth.
