South Africa's central bank struck a measured tone after its first rate cut in more than four years on Thursday, saying although inflation had fallen faster than expected there were still risks to the outlook.

With inflation subsiding, the European Central Bank is cutting its benchmark interest rate to prop up tepid growth with lower borrowing costs for companies and home buyers.

Officials in some countries started cutting rates last year, but others, including those in Europe and the United States, have taken a more cautious approach.

Taiwan’s central bank held rates steady with a watchful eye on inflation, declining to join the Federal Reserve and a growing number of its Asian counterparts in starting to ease monetary policy.

Turkey's central bank held its main interest rate steady at 50% for a sixth consecutive month on Thursday as expected, but reiterated that it remained highly attentive to inflation risks.

By Akin Nazli in Belgrade The monetary policy committee (MPC) of Turkey’s central bank on September 19 kept its policy rate unchanged at 50% for the sixth straight month in line with market expectations (chart).