The Central Bank of Turkey on Wednesday reduced its one-week repo rate 100 basis points.

The bank’s policy rate — also known as the one-week repo rate — fell to 8.75% from 9.75%.

The decision came in a statement from the bank’s Monetary Policy Committee (MPC) meeting — the fourth of twelve meetings scheduled for 2020.

The Anadolu Agency survey of 15 economists expected on Monday an average fall of 50 basis points on the one-week repo rate, with the lowest estimate at 25 basis points, and the highest at 100.

Read more: Turkey's Central Bank cuts interest rates 100 bps