Central Bank Of Turkey Reduces FX Lending RatesCallum Thomasupdated Aug 09, 2011TweetAt GET.com we maintain complete editorial integrity on our content & provide transparent & unbiased information. Companies don't pay us to include their products although we receive a compensation when you successfully apply to products from our partners. See how we make money here.At GET.com we maintain complete editorial integrity.The Central Bank of the Republic of Turkey announced a 100 basis point cut in the US dollar lending rate to 4.50% from 5.50%, and the Euro to 5.50% from 6.50%. The interest rate changes apply to foreign exchange transactions which the Central Bank is a party to, and come into effect as of 9 August 2011. The Bank commented: "In the upcoming period, developments regarding the foreign exchange markets will be closely monitored and necessary measures will be taken in a timely fashion." The move comes after the central bank cut its benchmark 1-week repo rate last week by 50 basis points to 5.75% after holding an emergency meeting. Previously the Turkish central bank held its benchmark interest rate unchanged during its July meeting this year, while the bank last cut its benchmark interest rate by 25 basis points to 6.25% in January this year. The Turkish central bank also adjusted required reserves in late July. Turkey reported annual consumer price inflation of 6.2% in June, off from 7.2% in May, but up from 4.26% in April, and 3.99% in March, and above the Bank's full year inflation target of 5.5%. The Turkish Lira last traded around 1.775 against the US dollar.Editorial Disclosure: Any personal views and opinions expressed by the author in this article are the author's own and do not necessarily reflect the viewpoint of GET.com. The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone, not those of the companies mentioned, and have not been reviewed, approved or otherwise endorsed by any of these entities.