Turkey's Central Bank Cuts Interest Rate on Foreign Currency Free Accounts by 25 Basis Points

The Central Bank of the Republic of Turkey (CBRT) has reduced the interest rate for foreign currency free accounts held at the bank by 25 basis points. The interest rate applied to the portion of Turkish lira denominated and demand deposit accounts with foreign currency balances (the interest between average established amounts and average amounts that should be established) has been lowered from 3.75% to 3.50%.