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Turkish Central Bank Cuts Rates, Adding to Pressure on Economy

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ISTANBUL—Turkey’s central bank cut key interest rates for the second consecutive month on Thursday, bowing to pressure from President Recep Tayyip Erdogan, who favors lower rates as a part of an unorthodox strategy to encourage economic growth.The bank said it cut Turkey’s benchmark interest rate to 12% from 13%.

The Turkish lira fell as much as 0.4% against the dollar to a new record low after the decision. One U.S. dollar recently bought 18.3866 lira.

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