The Central Bank of Turkey announced on Tuesday a 100-point interest rate cut.
The bank's statement came after a meeting of the Monetary Policy Committee of the Central Bank of Turkey on Tuesday.
The central bank cut the interest rate from 10.75 percent to 9.75 percent.
The move aims to address the crisis of the decline of the Turkish lira in light of fears of an outbreak of coronavirus in Turkey.
Earlier, Treasury and Finance Minister Perat Alberuk said they were working all their preparations to combat the effects of the Coronavirus outbreak on the Turkish economy as a priority on their agenda.
Source: Turkey Now