Turkish central bank cuts one-week repo rate to 8.75 pct

ISTANBUL, June 24 Tue Jun 24, 2014 7:03am EDT

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ISTANBUL, June 24 (Reuters) - Turkey's central bank cut its one-week repo rate by 75 basis points to 8.75 percent on Tuesday citing an improvement in global liquidity conditions, but stopped short of the large cut sought by some in Prime Minister Tayyip Erdogan's government.

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

All 20 economists in a Reuters survey had forecast a cut in the one-week repo rate: 16 had predicted a 50 basis point cut, three expected a 75 point cut, and one a 25 point cut. (Reporting by Seda Sezer, Editing by Nick Tattersall)

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