May 21 (SeeNews) - Turkey's central bank said on Thursday it has decided to cut its policy rate, also known as one-week repo rate, to 8.25% from 8.75% to counter the adverse effects of the coronavirus outbreak on the economy.
Following the weakening of the economy that started in mid-March and continued into May, the recent monetary and fiscal measures will contribute to financial stability and post-pandemic recovery by supporting the potential output of the economy, the central bank said in a statement.
The central bank last changed its policy rate in April when it cut it to 8.75% from 9.75%.