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Turkey Cuts Interest Rates Sharply To 16%

Turkey Cuts Interest Rates Sharply To 16%

The Central Bank of Turkey ignored the local annual inflation rate of nearly 20% and unexpectedly announced a sharp interest rate cut by 200 basis points to 16%. According to market news, Turkish President Erdogan stated that the Ministry of Foreign Affairs has ordered 10 ambassadors to Turkey from Western countries, including the United States, to be listed as "unwelcome people" and may be expelled. Affected by negative factors such as the central bank's sharp interest rate cuts and political tensions, the Turkish currency lira once plunged more than 9.85 to the US dollar level, a record low, and has fallen by more than 30% since the beginning of the year. The unstable political and economic situation in Turkey has increased the market’s worries about emerging markets, which may drive the U.S. dollar’s safe-haven attractiveness in the short term.
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