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Economy

Erdogan's call for rate cut drives Turkey's lira to fresh lows

Leader's call for lower rates by 'July or August' rattles currency markets

Turkish President Recep Tayyip Erdogan has ousted three central bank chiefs in two years.   © Reuters

ISTANBUL -- Remarks by Turkish President Recep Tayyip Erdogan urging the central bank chief to lower interest rates battered the lira down to fresh lows against the dollar early Wednesday morning here, rattling the currency market with his unconventional monetary views.

"I spoke to the central bank governor today. It is imperative that we lower interest rates," Erdogan told state-run broadcaster TRT on Tuesday night. "Interest rates should start falling around July or August."

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