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Turkey's central bank kept its main interest rates unchanged as expected Thursday, citing the level of inflation as a reason for caution. The one-week repo, overnight lending and late liquidity window rates remained at 8 percent, 9.25 percent and 12.25 percent respectively, while the overnight borrowing rate was maintained at 7.25 percent. Core inflation surged to 10.2 percent last month, the highest since June 2005 and significantly more than the 9.8 percent prediction in a Bloomberg survey of economists. Though the bank doesn't have a target for core inflation, it is widely seen as an indicator of underlying price pressure and therefore compares unfavorably with the regulator's long-term goal of 5 percent headline inflation.
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