May 21, 2020 / 11:19 AM / 15 days ago

Turkey's central bank sees signs economy may have bottomed out

ISTANBUL, May 21 (Reuters) - The Turkish central bank said on Thursday the economy may have bottomed out earlier this month after a slump brought on by the coronavirus pandemic, as it delivered what it called a “measured” interest rate cut to 8.25% from 8.75%.

In a statement after its monetary policy committee meeting, the bank said that while there was a “pronounced” economic weakening in April, there are signs in the first half of May “of bottoming-out following the steps taken towards partial normalization.”

With the coronavirus outbreak hammering domestic demand, tourism and exports, the central bank last month lowered its inflation forecast for end-2020 to 7.4%, from 8.2% earlier, opening the door to more rate cuts. (Writing by Jonathan Spicer; Editing by Dominic Evans)

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