File - A woman counts Turkish lira banknotes at a currency exchange office in Istanbul on January 23, 2014. (AFP PHOTO/BULENT KILIC)
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The lira extended a slide after Turkish President Recep Tayyip Erdogan said he will emerge victorious in his fight against interest rates after elections next month.Speculation that the central bank will raise policy rates after Erdogan met with top economic officials this week had helped the lira erase much of its losses.The lira weakened 1.9 percent to 4.3111 per dollar as of 5:23 p.m. in Istanbul after strengthening 2.4 percent in the previous two days.Tresca said he expects the central bank to raise interest rates by 100 basis points in June, 75 basis points in July and 75 basis points in September, though even that may not be enough to reverse the lira's slide.
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