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Turkish lira underperforms emerging-market currencies on rate cuts

Posted on 20 February 2013

The Turkish lira fell to its weakest level against the dollar in more than a month Tuesday after Turkey’s central bank cut interest rates. While Turkey’s central bank was widely expected to ease monetary policy, its moves Tuesday were seen as being slightly more aggressive than expected.
The central bank cut its overnight borrowing rate to 4.50% from 4.75%, and its overnight lending rate to 8.50% from 8.75%, while keeping its one-week benchmark interest rate steady at 5.50%……………………………………Full Article: Source


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