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ANKARA, Turkey (AP) — Turkey's central bank, under its new governor, has slashed its key interest rate again, this time by 3.25 percentage points.

The bank said Thursday it had lowered the one-week repo auction rate to 16.50% from 19.75%, saying the inflation outlook continued to improve.

The bank had cut the rate from 24% to 19.75% in July following the appointment of Murat Uysal.

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The rate cut Thursday was less than investors had anticipated, helping the Turkish lira advance against the dollar.

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President Recep Tayyip Erdogan dismissed the previous governor, Murat Cetinkaya, on July 6 for reportedly resisting rate cuts.

Turkey's currency nosedived last year over concerns about the country's high levels of foreign debt, Erdogan's economic policies and a diplomatic dispute with the United States.

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