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Turkey's central bank raised interest rates for the first time this year, lending support to the lira as it seeks to contain inflation in the weeks leading up to early presidential elections in June. Policymakers increased the late liquidity window, the rate it uses to set bank funding costs, by 75 basis points to 13.50 percent, surpassing the median estimate in a Bloomberg survey for a 50 basis-point move. Turkey is struggling to tame inflation after the weakening lira pushed price growth as high as 13 percent last year.
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