'Interest rate cut improves market, investments'

ISTANBUL

The Turkish Central Bank's decision on Wednesday to cut interest rates provided leverage for markets, employment and investments, said the head of the Foreign Economic Relations Board of Turkey (DEIK).

The bank's total reduction of 13.25 points over the last six monetary policy meetings supports Turkey's development strategy, Nail Olpak said in a press release on Wednesday.

This move also improves the capacity of Turkish exporters, he stressed.

"As DEIK, we support every step of our economic administration to strengthen our economic activity," he added.

On Wednesday, the bank lowered its one-week repo rate -- also known as policy rate -- from 11.25% to 10.75%.