A U.S. dollar banknote is seen through a magnifying lens on top of 100 Turkish lira banknotes in this picture illustration in Istanbul, Turkey August 14, 2018. REUTERS/Murad Sezer/Illustration
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The Turkish lira strengthened against the dollar Friday as a cut in taxes on lira bank deposits helped rein in losses from a day earlier, when sources said the central bank's deputy governor Erkan Kilimci was leaving. Three sources told Reuters that Kilimci, also a rate-setter, was departing, two weeks before the bank's monetary policy committee meets to address a slump in the lira, which has weakened 42 percent this year.The currency found support from a decision announced in the official gazette to lower the level of withholding tax on lira bank deposits, while raising the level on foreign currency deposits of up to one year.
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