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Turkey Central Bank Hikes Rates Unexpectedly

Turkey’s central bank lifted its interest rates unexpectedly by 200 basis points in an attempt to curb the weakness in the lira exchange rate. The Monetary Policy Committee of the Central Bank of the Republic of Turkey, led by Governor Murat Uysal, decided to lift the policy rate, which is the one-week repo auction rate, to 10.25 percent from 8.25 percent.
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