Turkish central bank makes new interest rate cut

Turkey's central bank on Thursday shaved another 50 basis points off its benchmark interest rate, resisting vehement government pressure for more aggressive easing in the run up to August 10 presidential elections.

The bank cut the one week repurchase rate to 8.25 percent from 8.75 percent, saying a "measured cut" was appropriate in the current economic situation. But it was not clear if the relatively modest cut will be enough to satisfy Prime Minister Recep Tayyip Erdogan who has demanded sharper reductions.