August 27, 2014 / 11:27 AM / 3 years ago

RPT-Turkish central bank cuts overnight lending rate to 11.25 pct

ISTANBUL, Aug 27 (Reuters) - Turkey’s central bank cut its overnight lending rate to 11.25 percent from 12 percent on Wednesday despite stubbornly high inflation, at its first rate meeting since Prime Minister Tayyip Erdogan was elected president.

It also cut its primary dealers overnight borrowing rate to 10.75 percent but left its other rates unchanged.

In a Reuters poll of 20 banks prior to the meeting, 13 said they expected the central bank to leave its main weekly repo rate at 8.25 percent. Six predicted a 0.25 percentage point cut, and one expected a cut of half a percentage point. None had forecast any change in the 12 percent overnight lending rate. (Reporting by Daren Butler; Writing by Dasha Afanasieva)

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