A money changer holds Turkish lira banknotes next to U.S. dollar bills at a currency exchange office in central Istanbul April 15, 2015. REUTERS/Murad Sezer
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Turkey's currency tumbled Tuesday amid growing questions over the central bank's ability to set policy without interference from the increasingly powerful office of President Recep Tayyip Erdogan.The central bank decided to not raise rates, defying broad expectations in the markets for an increase of at least one percentage point to its one-week repo rate, from 17.75 percent. Erdogan has opposed high rates in order to boost growth and argues that cheaper loans lead to slower inflation.Erdogan's 15 years in power have seen the Turkish economy grow robustly and he frequently cites economic expansion, which was 7.4 percent last year, as proof of good governance.
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