Turkish 10 lira banknotes are seen in this illustration picture, January 28, 2014. REUTERS/Murad Sezer
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Turkey's central bank raised its lending interest rate Tuesday and said it would tighten further if necessary, building on recent extraordinary measures to bolster the lira and contain its impact on inflation.The one-week repo and overnight borrowing rates were kept unchanged at 8 percent and 7.25 percent, compared with predicted increases of 50 basis points and 25 basis points respectively.Since Jan. 16, it has also forced commercial lenders to borrow via the so-called late-liquidity window, which is more expensive than all of the bank's key rates. That rate was also raised to 11 percent from 10 percent Tuesday, the bank said.No funding has been issued using the one-week repo rate since the middle of January.
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