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Currencies

Turkish lira nosedives after rate cut sought by Erdogan

Rising prices hit consumers while government remains bullish on growth

The Turkish lira sank to another all-time low after the central bank pushed forward with an interest rate cut.   © Reuters

ISTANBUL -- The Turkish central bank slashed its benchmark policy rate for the third month in a row Thursday despite the country's acute inflation, sending the lira to an all-time low.

The bank cut its one-week repo rate by 1 percentage point to 15%, bringing the total interest rate cuts since September to 400 basis points.

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