Turkish central bank cuts key rate

Turkey's central bank lowered its key rate by 50 basis points to 8.5% on Thursday.

"It has become even more important to keep financial conditions supportive to preserve the growth momentum in industrial production and the positive trend in employment after the earthquake," the central bank said in a statement.

It said after its monthly monetary policy committee meeting that it will closely monitor earthquake driven supply-demand imbalances on inflation and stressed the importance of supporting economic growth and employment.

Last year the bank cut its key rate by 500 basis points in an unorthodox easing cycle designed to counter an economic slowdown, before keeping it steady at 9% in December and January.