Earthquake-hit Turkey cuts interest rates to boost economy ahead of elections

ISTANBUL — Turkey’s central bank on Thursday joined government efforts to cushion the impact of recent deadly earthquakes by deciding to cut its benchmark interest rate by 50 basis points to 8.5 % on Thursday.

“It has become even more important to keep financial conditions supportive to preserve the growth momentum in industrial production and the positive trend in employment after the earthquake,” the bank’s monetary policy committee said in a statement on its decision, which brings the one-week repo rate to the lowest level in three years.