ANKARA
The Central Bank of the Republic of Turkey reduced the interest rate on one-week loans to commercial banks, the bank said in a statement on Monday.
The rate was cut to 4.5 percent from 7.5 for dollar borrowing and to 2.5 percent from 6.5 percent for euro borrowing, the statement said.
The rate will be effective as of March 10.
The move will make credit cheaper for businesses and consumers.
