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Turkey's central bank Tuesday cut one of its main interest rates by 50 basis points, in the hope of further stimulating growth against a background of declining inflation.The central bank said the overnight lending rate was trimmed to 9 percent from 9.5 percent and its one-week repurchasing rate remained stable at 7.5 percent.The bank has cut its upper end by 175 basis points from 10.75 percent to 9 percent over the last four months.The lira has traded almost flat against the dollar so far this year – with sentiment in energy importer Turkey boosted by low oil prices – after losing almost 35 percent in value over the last two years.
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