"Risks to the inflation outlook remain muted in the near-term ...under these circumstances, the (Monetary Policy Committee) decided to lower the monetary policy rate by a hundred basis points," Addison said, adding that the bank will monitor inflationary pressure on rents and transport fares.
Najam was of the view that despite challenges, the government should target to achieve a 6pc to 7pc growth rate and utilize all the resources at its disposal especially low-interest rate (policy rate).
The median estimate in a Reuters poll of 21 economists was for the central bank to keep its one-week repo rate at 17%. One economist expected a hike to 17.75%, while four others expected a hike to 18%.
Turkey's lira declined some 20% last year, pushing inflation higher through imports denominated in hard currencies.