Turkish central bank cuts one-week repo rate to 9.5 pct

ISTANBUL Thu May 22, 2014 7:04am EDT

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ISTANBUL May 22 (Reuters) - Turkey's central bank cut its one-week repo rate to 9.5 percent in a surprise move on Thursday, citing an improvement in risk premium indicators and lessening uncertainty.

The bank kept its overnight lending rate at 12 percent and its overnight borrowing rate at 8 percent.

All but two economists in a Reuters poll had predicted the bank would keep its one-week repo rate unchanged at 10 percent. One economist had forecast a 25 basis point cut and another predicted a 50 basis point cut. (Reporting by Seda Sezer, Editing by Daren Butler/Nick Tattersall)