Economics
Lira Rallies After Turkish Central Bank Keeps Rates on Hold
- Central bank keeps one-week repo rate at 19% for fifth month
- President wants lower borrowing costs to boost the economy
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The Turkish lira rallied to lead gains among emerging-market peers after Turkey’s central bank held its benchmark interest rate, defying President Recep Tayyip Erdogan’s calls for a cut.
The currency rose as much as 1.2% after the Monetary Policy Committee held its one-week repo rate at 19% for a fifth month as forecast by all 20 analysts surveyed by Bloomberg.