Turkey Raises Rates for First Time Since 2011 on Lira Slide
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Turkey’s central bank raised interest rates for the first time in almost two years after the lira slumped to a record low this month.
The bank increased its overnight lending rate by 75 basis points to 7.25 percent today, and said that “additional monetary tightening will be implemented when necessary.” It kept its benchmark one-week repo rate and overnight borrowing rate unchanged at 4.5 percent and 3.5 percent respectively, according to an announcement on its website.