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The Wall Street Journal

Turkish Central Financial institution Cuts Charges, Including to Strain on Economic system

ISTANBUL—Turkey’s central financial institution minimize key rates of interest for the second consecutive month on Thursday, bowing to strain from President Recep Tayyip Erdogan, who favors decrease charges as part of an unorthodox technique to encourage financial progress.

The financial institution stated it minimize Turkey’s benchmark rate of interest to 12% from 13%. The Turkish lira fell as a lot as 0.4% towards the greenback to a new record low after the choice. One U.S. greenback just lately purchased 18.3866 lira.

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