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Turkish National Bank Raises Base Rate

Politics ♦ Published: July 23, 2013; 19:55 ♦ (Vindobona)

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Today, Turkey´s National Bank has increased the base rate from 6.5% to 7.25%. Turkey wants to prevent a devaluation of the lira.

Turkish National Bank Raises Base Rate / Picture: © Vindobona.org

Above all, Prime Minister Recep Tayyip Erdogan wants to stop the devaluation of the Turkish lira. The country suffers from a relatively high current account deficit.

Moreover, Ankara wants the capital outflow to come to an end. Due to the mass protests and the sharp political reactions, investors became suddenly much more cautious. Besides that, Turkey´s government intends to…