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Turkey’s Central Bank Holds Key Rate

Turkey’s central bank said Thursday that it kept its benchmark interest rate on hold at 8.5%, continuing a policy of low interest rates demanded by President Recep Tayyip Erdogan.

Erdogan, who is facing a runoff presidential election on Sunday, has pressured the central bank into lowering interest rates in recent years despite Turkey’s high rate of inflation, an unorthodox strategy he says is designed to encourage economic growth.