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Turkey Lifts Rates After Erdogan’s Endorsement of Austerity


ISTANBUL—Turkey’s central bank sharply raised its benchmark interest rate, pledging to combat inflation less than two weeks after President Recep Tayyip Erdoganreshuffled his economic team and backed a shift in approach to repair an economy beset by a dwindling currency.

Led by newly appointed governor Naci Agbal, the central bank Thursday raised its key, one-week repo rate to 15% from 10.25%, saying it would provide all funding through that facility.


I actually joined APC on Nov. 10- Gov. Umahi

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