Turkey Central Bank Unexpectedly Raises Rates on Lira PlungeBy and
Borrowing costs lifted for first time since January 2014
Decision defies political demands for lower borrowing costs
Turkey’s central bank unexpectedly raised its one-week repurchase and overnight lending rates for the first time in almost three years, after the lira’s plunge to a record low and its impact on inflation trumped political demands for lower borrowing costs.
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