The Turkish Central Bank lowered interest rates for the ninth consecutive month on Thursday to 8.25 percent as part of its economic stimulus programme.

The latest economic figures show output is down and that the gross domestic product, one measure of the wealth of the country, fell by double digits in the first three months of the year.

The bank has not ruled out further cuts and economic commentators believe another half a percent cut could follow as soon as next month.

This crisis could be a blessing in disguise for the Turkish economy moving it to a low inflation and low interest economy.

But of course this is bad news for savers.

After tax at 15% most savers will receive just 7.1% interest per year.  But after inflation of 5.9% is taken into account the real return will be only 1.1%.