Foreign investors are flocking to Turkey's local debt markets, saying they are impressed by interest rate cuts and easing inflation and are hoping that a regional transformation could further boost their bets on the economy.

The central bank reduced its one-week repo rate to 45% from 47.5% as a cycle of higher borrowing costs bore fruit in cooler price rises.

Officials in Turkey say that a fire has raged through a 12-story hotel at a popular ski resort in the northwestern part of the country during a school holiday, killing at least 76 people.

At least 66 people were killed and 51 injured as a fire ripped through a ski resort hotel in northwestern Turkey on Tuesday, according to the country’s interior ministry.