The Turkish Central bank shaved another half a percent off the base deposit rates yesterday bringing the rate to another record low of 6.75 percent.

The Central Bank has cut deposit rates by 9.5 percent in the last 12 months; the deepest of all the G20 nations.

The recession in Turkey, apparently the worst since World War II, is not showing any signs of easing and the bank has said another cut could occur next month.

Economists think rates could be cut a further 0.25 percent in November.

So bad news yet again for savers but hopefully good for economic recovery.