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Turkish central bank trims marginal fund rate following coup

The Turkishcentral bank's Monetary Policy Committee trimmed a pair ofbenchmark interest rates following the failed coup in the country.

The overnight interest rate for marginal funding was reducedto 8.75% from 9%, while the overnight borrowing rate will stay at 7.25%. Theone-week repo rate was maintained at 7.5%, while the late liquidity windowinterest rate for lending was reduced to 10.25% from 10.5%. Thelate window borrowing rate remains at zero percent.

The central bank said recent "" had led tofluctuations in the financial markets, but that the committee assessed thatrecent liquidity measures alleviated the volatility. The committee saidinflation may sharply increase in the short term on the back of"developments in unprocessed food and tobacco prices," but that thecore inflation trend is expected to gradually improve.

The central bank said that market developments will be closelymonitored and necessary liquidity measures will continue to be taken to supportthe country's financial stability.