Turkey’s Lira Jumps as Erdogan Aide Hints at Pause in Rate Cuts
- Currency advances most among 24 emerging markets vs dollar
- Central bank would ‘pass this month’ if needed: Yigit Bulut
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Turkey’s lira strengthened the most in a month after comments from an adviser to President Recep Tayyip Erdogan fueled bets the central bank will keep rates unchanged in October.
The currency gained 0.6 percent to 3.0757 per dollar as of 4:58 p.m. in Istanbul, the most in a ranking of 24 emerging markets tracked by Bloomberg. The central bank may pause a cycle of interest-rate cuts that started in March when it meets on Thursday if warranted by economic conditions, Yigit Bulut, a senior aide to the president, said in an interview Tuesday.