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Turkey Delivers Shock Rate Cut Despite Inflation; Lira Plunges

  • Central bank lowers benchmark after holding it since December
  • Economists expected no change, but Erdogan promised rate cuts
A currency exchange bureau in Istanbul.

A currency exchange bureau in Istanbul.

Photographer: Erhan Demirtas/Bloomberg
Updated on

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Turkey’s central bank delivered a shock cut to interest rates despite inflation soaring to a 24-year high and the lira trading near a record low. The currency weakened sharply.