Turkey’s central bank lowered its key interest rate by 2.5 percentage points to 45% on Thursday, in its second rate cut in as many months as official figures showed inflation was easing. The bank’s Monetary Policy Committee said it was reducing its benchmark one-week repo rate to 45% from the current 47.

The central bank reduced its one-week repo rate to 45% from 47.5% as a cycle of higher borrowing costs bears fruit in cooler price rises.