“The Committee has decided to reduce the policy rate by 100 basis points, and has assessed that the updated level of policy rate is adequate under the current outlook,” the bank said in a statement released following the meeting of the Monetary Policy Committee.

Turkish Lira weakens against the U.S. dollar after the bank’s Monetary Policy Committee rate decision.

The bank decided to keep policy rate interest rate unchanged for seventh consecutive month in July. (ILKHA)