Turkey cuts interest rates by 0.75%, USD/TRY falls toward 5.80

The Central Bank of the Republic of Turkey (CBRT) has announced a cut of 0.75% to the Overnight Lending Rate from 13.5% to 12.75%. It also slashed the Overnight Borrowing Rate to 9.75%.

Markets had been anticipating a rate cut and the Turkish lira recovered in response to the decision. USD/TRY has dropped toward 5.80.

more to come