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Turkish Lira Drops After Erdogan's Interest Comments

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Turkish Lira Drops After Erdogan's Interest Comments

Turkish Lira Drops After Erdogan's Interest Comments

Turkish President Recep Erdogan on Thursday said interest rates are a "tool of exploitation" and called for low interest rates.

The Turkish central bank makes an interest rate decision today.

Analysts say Turkey needs to raise interest rates to combat inflation, which is running at 16%.

Erdogan's comments sent the Turkish lira down by as much as 3% against the US dollar.

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