Turkish Central Bank Paves Way for Rate Hike After Lira Slide

Turkey’s central bank signaled on Monday that it is set to raise interest rates to stabilize a plunging lira, after intervening heavily last week to shore up the currency as it sank to record lows.
In a rare written statement ahead of a monetary policy committee meeting, Governor Erdem Basci said global policy uncertainty and volatility would not be allowed to damage financial and price stability in Turkey.
“A measured step to widen the interest rate corridor will be on the …

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