An Erroneous Report Sends Turkey’s Lira Spinning

What’s in a headline? About 0.8 percent of the lira’s value, if you’re an influential member of Turkish President Recep Tayyip Erdogan’s administration. When a top aide, Bulent Gedikli, was erroneously reported by the state broadcaster TRT as calling for a rate increase, the lira jumped against the U.S. dollar, but erased almost all of those gains minutes later after it was clarified the official had in fact said the opposite.

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