(Corrects to show cut in borrowing rate)
ISTANBUL, July 17 (Reuters) - Turkey's central bank cut its one-week repo rate by 50 basis points to 8.25 percent on Thursday, saying inflation was falling and global liquidity conditions were improving.
The bank kept its overnight lending rate at 12 percent but cut its overnight borrowing rate to 7.5 percent from 8 percent.
All 16 economists in a Reuters survey forecast a cut in the main one-week repo rate, with 12 predicting a 50 basis point cut. Twelve forecast no change in the bank's overnight lending rate, although three predicted a 50 basis point cut. (Reporting by Seda Sezer; Editing by Nick Tattersall)