Turkish businessman and newly elected Fenerbahce chairman Ali Koc speaks during a gathering at the Ulker Stadium in Istanbul on June 5, 2018, in Istanbul. / AFP / Yasin AKGUL
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Turkey's central bank ramped up its benchmark rate by 125 basis points to 17.75 percent on Thursday, taking another step to assert its independence weeks after an emergency hike in borrowing costs.Concerns about President Recep Tayyip Erdogan's growing influence on monetary policy and doubts over the central bank's ability to rein in double-digit inflation have sent the lira down some 16 percent this year.The bank has now hiked rates by 4.25 percentage points in just over two weeks, following a 3 percentage point increase at an emergency meeting last month.Eleven of 16 economists polled by Reuters had predicted the bank would hike its one-week repo rate, with five each forecasting increases of 50 and 100 basis points.
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