Turkey's Central Bank cuts interest rates 100 bps

The Central Bank of Turkey on Wednesday reduced its one-week repo rate 100 basis points.

The bank's policy rate -- also known as the one-week repo rate -- fell to 8.75% from 9.75%.

The decision came in a statement from the bank's Monetary Policy Committee (MPC) meeting -- the fourth of twelve meetings scheduled for 2020.

The Anadolu Agency survey of 15 economists expected on Monday an average fall of 50 basis points on the one-week repo rate, with the lowest estimate at 25 basis points, and the highest at 100.

Last month, the Central Bank cut its interest rate by full point amid virus fears from 10.75% to 9.75% following reductions over the last nine months.

Since the beginning of this year, the bank has cut the rate by a total of 325 basis points.

In 2019, the bank gradually cut the rate by 1,200 basis points to 12% from 24%.