ANKARA, Turkey—When the Turkish lira came under heavy selling pressure from investors last summer, central bank Gov. Erdem Basci vowed to defend the currency “like a lion.”
As the clock struck midnight Tuesday, Mr. Basci—facing pressure from a prime minister determined to avoid higher interest rates—sought to do just that, surprising investors by more than doubling Turkey’s key one-week repurchase rate to 10%.
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Go here to read the rest: Rate Gambit Raises Stakes for Top Turkish Banker
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