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Erdoganomics: Turkey cuts rate again, while raising minimum wage 50%

President continues with his risky bet on weak lira

The meltdown of the lira is quickly pushing up the cost of living in Turkey through a greater dependence on imported goods and materials.   © Reuters

ISTANBUL -- Turkey's central bank announced on Thursday it was slashing its key benchmark rate by 100 basis points to 14% despite a recent plunge in the lira.

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