Turkey's central bank cut interest rates for the fifth straight month on Tuesday, lowering its overnight lending rate by an expected 25 basis points days after a failed coup shook the country and briefly roiled its financial markets.
The bank cut the highest of the multiple interest rates it uses to set policy to 8.75 percent. It left its benchmark one-week repo rate unchanged at 7.5 percent. Eight of 19 economists in a Reuters survey forecast a 25 basis point cut in the upper band, while six expected a cut of 50 basis points. The remaining five predicted no change.