‘Hitting people in every sense’: Turkish lira hits record low
4 years, 5 months ago

‘Hitting people in every sense’: Turkish lira hits record low

Al Jazeera  

The lira has lost some 18 percent of its value against the US dollar this year, despite greenback weakness. “We are a country that, politically, does not like interest rates so we do not anticipate a rate hike unless there is no other option,” said a treasury department official at one bank. Raising the stakes, data and the calculations of traders show that the central bank and state banks have sold some $110bn since last year, including an acceleration in recent weeks, to stabilise the lira. Some analysts say such interventions could lose steam as the central bank’s reserves continue to run thin, prompting further lira depreciation and a ballooning current account deficit. “The selloff is far from over and is clear evidence that the strategy based on offsetting low interest rates with costly FX interventions is falling apart,” said Piotr Matys, senior strategist at Rabobank.

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History of this topic

Turkey Inflation Likely Missed Central Bank Target For End-2024
2 weeks ago

Turkey Inflation Likely Missed Central Bank Target For End-2024

Live Mint  

-- Turkish inflation in December likely eased less than the central bank projected, just as policymakers have started to set the stage for a more accommodative stance in the new year. The monetary authority justified lowering borrowing costs — the first time since February 2023 — by citing preliminary data showing an improvement in services inflation and the underlying trend …

Turkey’s central bank lowers key interest rate to 47.5%
2 weeks, 6 days ago

Turkey’s central bank lowers key interest rate to 47.5%

Associated Press  

ANKARA, Turkey — Turkey’s central bank lowered its key interest rate by 2.5 percentage points to 47.5% on Thursday, carrying out its first rate cut in nearly two years as it tries to control soaring inflation. Citing slowing inflation, the bank’s Monetary Policy Committee said it was reducing its one-week repo rate to 47.5% from the current 50%. Inflation in …

Turkey to Pivot Toward Interest-Rate Cut After One More Hold
1 month, 3 weeks ago

Turkey to Pivot Toward Interest-Rate Cut After One More Hold

Live Mint  

-- Turkey’s central bank will probably hold its main interest rate for an eighth straight month this week, though policymakers could indicate the start of an easing cycle as soon as December. But despite appearing to commit to high rates at the last policy meeting, Central Bank Governor Fatih Karahan adopted a different tone earlier this month, while revising up …

Rate cut expected as eurozone inflation falls
4 months, 2 weeks ago

Rate cut expected as eurozone inflation falls

China Daily  

EU flags flutter in front of European Central Bank headquarters in Frankfurt, Germany on July 18. Bert Colijn, an economist at ING, told the Financial Times newspaper the fact that Eurostat, the European Union's official statistics agency, declared the eurozone's inflation rate to be within a whisker of the ECB's target of 2 percent means rate cuts will be likely …

Turkish central bank raises key interest rate to 50% as inflation soars
9 months, 3 weeks ago

Turkish central bank raises key interest rate to 50% as inflation soars

Associated Press  

ANKARA, Turkey — Turkey’s central bank raised its key interest rate by 5 percentage points on Thursday, resuming a policy of rate hikes aimed at combating soaring inflation that is causing households severe economic pain. A series of rate cuts by the central bank spurred double-digit inflation and a currency crisis until Erdogan reversed course following his re-election in May …

Turkey’s new central bank chief assures that work to combat inflation will press on
11 months, 1 week ago

Turkey’s new central bank chief assures that work to combat inflation will press on

Associated Press  

ANKARA, Turkey — The work to tame inflation in Turkey — namely through interest rate hikes — will continue “with determination,” the country’s new central bank chief said Thursday, offering some certainty about efforts to right the battered economy following his precedessor’s surprise resignation. Speaking for the first time since taking the helm of the central bank on Saturday, Fatih …

Turkey's central bank hikes key interest rate again to 45% to battle inflation
11 months, 3 weeks ago

Turkey's central bank hikes key interest rate again to 45% to battle inflation

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Turkey’s central bank raised its …

Turkey’s central bank hikes key interest rate again to 45% to battle inflation
11 months, 3 weeks ago

Turkey’s central bank hikes key interest rate again to 45% to battle inflation

Associated Press  

ANKARA, Turkey — Turkey’s central bank raised its key interest rate by another 2.5 percentage points on Thursday, pressing ahead with a series of hikes aimed at combating inflation that reached nearly 65% in December. It’s the eighth interest rate hike since President Recep Tayyip Erdogan has abandoned his unconventional economic policies that economists say helped trigger a currency crisis …

Financial markets are jonesing for interest rate cuts. Not so fast, says the European Central Bank
11 months, 3 weeks ago

Financial markets are jonesing for interest rate cuts. Not so fast, says the European Central Bank

Associated Press  

FRANKFURT, Germany — European Central Bank President Christine Lagarde pushed back Thursday against market expectations for quick interest rate cuts even as Europe’s economy sputters and financial markets froth in hopes of cheaper credit that would boost business activity and stock prices. was that it was premature to discuss rate cuts.” Financial markets have been expecting a cut as early …

Turkish central bank raises interest rate to 42.5% to combat high inflation
1 year ago

Turkish central bank raises interest rate to 42.5% to combat high inflation

Associated Press  

ANKARA, Turkey — Turkey’s central bank hiked its key interest rate by 2.5 percentage points on Thursday as part of its efforts to combat high inflation that has left many households struggling to afford rent and essential items. The bank’s Monetary Policy Committee raised its benchmark rate to 42.5%, delivering its seventh interest rate hike in a row to tame …

Turkey’s central bank hikes interest rates again as it tries to tame eye-watering inflation
1 year, 1 month ago

Turkey’s central bank hikes interest rates again as it tries to tame eye-watering inflation

Associated Press  

ANKARA, Turkey — Turkey’s central bank delivered another huge interest rate hike on Thursday as it tries to curb double-digit inflation that has left households struggling to afford food and other basic goods. The bank pushed its policy rate up by 5 percentage points, to 40%, marking its sixth big interest rate hike in a row focused on beating down …

Turkey’s central bank opts for another interest rate hike in efforts to curb inflation
1 year, 2 months ago

Turkey’s central bank opts for another interest rate hike in efforts to curb inflation

Associated Press  

ANKARA, Turkey — Turkey’s central bank hiked interest rates again on Thursday, pressing ahead with more conventional economic policies recently embraced by President Recep Tayyip Erdogan to fight inflation. The bank said its monetary policy committee “decided to continue the monetary tightening process in order to establish the disinflation course as soon as possible.” It also announced more such moves …

ETF Delay, Interest Rate Hike, More: Factors Affecting Current Crypto Prices
1 year, 3 months ago

ETF Delay, Interest Rate Hike, More: Factors Affecting Current Crypto Prices

ABP News  

While 2022 was a challenging year for the entire cryptocurrency market, the dawn of 2023 brought a glimmer of hope as most cryptocurrencies began to rebound from the losses incurred in the preceding year. This strengthening of the dollar typically signals a robust domestic economy and can be driven by multiple factors, including higher interest rates, increased investor confidence in …

Turkey’s central bank hikes interest rates again in further shift in economic policies
1 year, 3 months ago

Turkey’s central bank hikes interest rates again in further shift in economic policies

Associated Press  

ISTANBUL — Turkey’s central bank raised its key interest rate by 5 percentage points Thursday, another large but expected hike that signals a continued push toward more traditional economic policies under President Recep Tayyip Erdogan. The team includes former Merrill Lynch banker Mehmet Simsek, who returned as finance minister, a post he held until 2018, and Hafize Gaye Erkan who …

Turkey’s central bank unleashes a big interest rate hike in another sign of an economic shift
1 year, 4 months ago

Turkey’s central bank unleashes a big interest rate hike in another sign of an economic shift

Associated Press  

ANKARA, Turkey — Turkey’s central bank raised its key interest rate by an aggressive 7.5 percentage points on Thursday, a larger-than-expected boost that offers a new sign of a return to more traditional economic policies under President Recep Tayyip Erdogan. The team includes former Merrill Lynch banker Mehmet Simsek, who returned as finance minister, a post he held until 2018, …

Turkey hikes interest rates in another sign of economic normalcy. But markets expected more
1 year, 5 months ago

Turkey hikes interest rates in another sign of economic normalcy. But markets expected more

Associated Press  

ISTANBUL — Turkey’s central bank raised its key interest rate Thursday, another sign of commitment to a traditional path of battling inflation but still falling below expectations after critics blamed President Recep Tayyip Erdogan’s economic policies for inflaming a cost-of-living crisis. Central banks around the world have been hiking rates rapidly to battle spikes in consumer prices following the pandemic …

‘The worst is over’: Sunak finally closes in on inflation pledge
1 year, 5 months ago

‘The worst is over’: Sunak finally closes in on inflation pledge

The Telegraph  

Kallum Pickering, economist at Berenberg Bank, says if current patterns continue, “inflation should fall fast over coming months towards a 4-5pc rate by the end of the year and to within the 2-3pc range by the middle of next year.” If correct, Sunak would meet his first target. The figures will be cheered by the Bank of England, which has …

Top central bankers assert need for higher interest rates to tackle persistent inflation
1 year, 6 months ago

Top central bankers assert need for higher interest rates to tackle persistent inflation

Associated Press  

FRANKFURT, Germany — Leading global central bankers asserted Wednesday that they are not backing off their steep interest rate increases, pointing to inflation being more persistent than expected but still downplaying fears of recession from their hikes. “We have to be resolute and decided and determined in reaching the target that we have set.” Despite rapid rate increases, Powell said …

Turkey’s central bank sharply raises interest rates. That could signal an economic turnaround
1 year, 6 months ago

Turkey’s central bank sharply raises interest rates. That could signal an economic turnaround

Associated Press  

ANKARA, Turkey — Turkey’s central bank delivered a large interest rate hike Thursday, signaling a shift toward more conventional economic policies to counter sky-high inflation following criticism that President Recep Tayyip Erdogan’s approach has made a cost-of-living crisis worse. Simsek said soon after his appointment that Turkey had no other option but to return to a “rational ground.” In another …

Turkey’s lira hits record low, stocks rise after Erdogan’s win
1 year, 7 months ago

Turkey’s lira hits record low, stocks rise after Erdogan’s win

Al Jazeera  

The Turkish leader won the presidency for a third time after a run-off vote on Sunday. The Turkish lira plunged to record lows after the re-election of President Recep Tayyip Erdogan, a sign that currency markets are not confident in the country’s economic future after the longtime leader’s victory. But Turkish stocks, on the other hand, rose as Erdogan entered …

Turkish central bank cuts rates again despite high inflation
2 years, 1 month ago

Turkish central bank cuts rates again despite high inflation

Associated Press  

ANKARA, Turkey — Turkey’s central bank delivered another outsized interest rate cut Thursday despite inflation running at more than 85% and other countries moving the opposite way to ease the pain of soaring prices. The central bank said its Monetary Policy Committee decided to lower the benchmark policy rate by 1.5 percentage points to 9%, following a series of similar …

Yearly inflation in Turkey rises to new 24-year high of 85%
2 years, 2 months ago

Yearly inflation in Turkey rises to new 24-year high of 85%

Associated Press  

ANKARA, Turkey — Annual inflation in Turkey continued to rise in October, official figures showed Thursday, pushing the price of essential goods higher and amplifying a cost-of-living crisis in the country. While the pandemic and Russia’s invasion of Ukraine have stoked inflation around the world, economists believe that inflation in Turkey was fueled by President Recep Tayyip Erdogan’s belief that …

Turkish central bank makes huge rate cut amid 83% inflation
2 years, 2 months ago

Turkish central bank makes huge rate cut amid 83% inflation

Associated Press  

ISTANBUL — Turkey’s central bank has slashed interest rates for the third month in a row, making its biggest drop this year despite sky-high inflation that is squeezing people’s finances as it follows President Recep Tayyip Erdogan’s unorthodox economic views. “It is critically important that financial conditions remain supportive to preserve the growth momentum in industrial production and the positive …

Turkey’s central bank makes big rate cut amid 80% inflation
2 years, 3 months ago

Turkey’s central bank makes big rate cut amid 80% inflation

Associated Press  

ISTANBUL — Turkey’s central bank delivered another massive interest rate cut Thursday despite eye-popping inflation above 80%, moving the opposite way from world economies that are raising rates to control prices as the lira sunk to record lows. Turkey has followed President Recep Tayyip Erdogan’s unorthodox belief that high interest rates cause high inflation, cutting borrowing costs despite consumer prices …

Turkey lowers interest rate even as inflation soars to 80%
2 years, 4 months ago

Turkey lowers interest rate even as inflation soars to 80%

Associated Press  

ANKARA, Turkey — Turkey’s central bank on Thursday lowered its key interest rate despite inflation surging to nearly 80% and making it difficult for people to buy what they need, falling in line with the unorthodox economic views of the country’s president. President Recep Tayyip Erdogan has pressured the bank into lowering borrowing costs in a bid to boost economic …

Turkey launched an unusual experiment to fight inflation by cutting interest rates. This is how it spectacularly backfired
2 years, 5 months ago

Turkey launched an unusual experiment to fight inflation by cutting interest rates. This is how it spectacularly backfired

ABC  

While much of the world anxiously waits to see if central banks will keep raising interest rates to combat a post-pandemic surge in inflation, Turkey is bucking the global trend. He has fired three central bank governors in four years for attempting to raise interest rates, and described anyone who draws a link between rates and inflation as "illiterates and …

Inflation in Turkey soars to eye-popping near 70% in April
2 years, 8 months ago

Inflation in Turkey soars to eye-popping near 70% in April

Associated Press  

ANKARA, Turkey — Inflation in Turkey soared to nearly 70% in April, official data showed Thursday, as skyrocketing prices eat away at earnings and put even basic necessities out of reach for many households. The Turkish Statistical Institute said consumer prices rose by 69.97% in April compared with the previous year, the biggest year-over-year increase since 2002. But in Turkey, …

Turkey’s inflation rate soars to almost 70 percent
2 years, 8 months ago

Turkey’s inflation rate soars to almost 70 percent

Al Jazeera  

The consumer price index has risen by 69.97 percent year-on-year in April compared with 61.14 percent in March. Turkey’s official inflation rate has spiralled to nearly 70 percent in April, posing a huge challenge to President Recep Tayyip Erdogan, whose unconventional economic policies are often blamed for the economic turmoil. The consumer price index rose by 69.97 percent year-on-year in …

Turkish central bank doesn’t change rates as inflation soars
2 years, 9 months ago

Turkish central bank doesn’t change rates as inflation soars

Associated Press  

ISTANBUL — Turkey’s central bank kept interest rates unchanged for a third straight month Thursday as consumer prices surge at an eye-popping pace, coming after a series of rate cuts last year triggered a currency crisis that has made it difficult for people to buy basic goods. Other central banks around the world are moving to raise interest rates as …

Turkey’s inflation hits 54%, deepening cost-of-living woes
2 years, 10 months ago

Turkey’s inflation hits 54%, deepening cost-of-living woes

Associated Press  

ANKARA, Turkey — Turkey’s annual inflation rate further accelerated in February, official data showed Thursday, marking the biggest jump since 2002 and deepening the squeeze on households that are already struggling to purchase basic goods. In comparison, annual inflation increased by a record 5.8% in the 19 countries that use the euro currency in February and by 7.5% in the …

Turkey keeps interest rates unchanged despite surging inflation
2 years, 10 months ago

Turkey keeps interest rates unchanged despite surging inflation

Al Jazeera  

Turkey’s central bank held its benchmark interest rate steady for a second month running, even as inflation threatens Erdogan’s grip on power. Turkey’s central bank kept its benchmark interest rate unchanged for a second month on Thursday, as President Recep Tayyip Erdogan’s government struggles to contain price surges that could threaten his two-decade rule. Just ahead of Thursday’s decision, Erdogan …

Turkey’s central bank ends string of interest rate cuts
2 years, 11 months ago

Turkey’s central bank ends string of interest rate cuts

Associated Press  

ANKARA, Turkey — Turkey’s central bank kept a key interest rate unchanged on Thursday, halting a string of rate cuts that triggered a currency crisis and sent consumer prices skyrocketing. The bank’s Monetary Policy Committee said it decided to keep its policy rate “constant” at 14%, putting on hold a rate-cutting policy that has reduced borrowing costs by 5 percentage …

Turkey’s central bank hits pause, leaves interest rates unchanged
2 years, 11 months ago

Turkey’s central bank hits pause, leaves interest rates unchanged

Al Jazeera  

Turkey’s central bank voted to hit pause on an easing cycle that started in September and saw the lira crash. Turkey’s central bank has ended its latest policy-setting meeting by keeping interest rates unchanged, halting a cycle of cuts initiated last September that economists warned was plunging the country into a deep economic crisis and eroding confidence in the bank’s …

EXPLAINER: Are Turkey’s efforts to fix the economy working?
2 years, 11 months ago

EXPLAINER: Are Turkey’s efforts to fix the economy working?

Associated Press  

ANKARA, Turkey — Turkey’s government and central bank have taken unconventional steps in recent weeks to prop up a beleaguered economy crippled by skyrocketing consumer prices, instead of ending a much-criticized plan to cut interest rates. President Recep Tayyip Erdogan’s insistence on cutting rates — the opposite of what economists say to do to curb soaring inflation — has weakened …

Turkish inflation surges to highest level since 2002
3 years ago

Turkish inflation surges to highest level since 2002

Al Jazeera  

The annual consumer inflation rate rose to 36.08 percent last month and food and energy prices soared. The annual consumer inflation rate rose to 36.08% last month, the highest since September 2002 and up sharply from 21.31% in November. The decision to slash five percentage points off the central bank’s benchmark rate led to an around 44% slide in the …

Turkish lira rebounds after Erdogan vows to prop up deposits
3 years ago

Turkish lira rebounds after Erdogan vows to prop up deposits

Associated Press  

ISTANBUL — Turkey’s currency made significant gains Tuesday after President Recep Tayyip Erdogan announced extraordinary measures that aim to safeguard deposits in the lira against volatility seen in recent weeks and boost confidence among Turks as they have watched their buying power erode. The currency has been on a rollercoaster ride since the country’s Central Bank began lowering interest rates …

Turkey’s lira sinks to new low, prompting bank to intervene
3 years ago

Turkey’s lira sinks to new low, prompting bank to intervene

Associated Press  

ANKARA, Turkey — Turkey’s currency crashed to an new all-time low against the dollar Friday, a day after the Central Bank again lowered a key interest rate despite surging consumer prices, a move in line with President Recep Tayyip Erdogan’s unconventional economic policy. The Central Bank announced Thursday announced that it was cutting the key interest rate from 15% to …

Turkish lira dips to new low after another interest rate cut
3 years ago

Turkish lira dips to new low after another interest rate cut

Associated Press  

ANKARA, Turkey — Turkey’s Central Bank again cut a key interest rate Thursday despite soaring consumer prices that are making it difficult for people to buy food and other basic goods, sending the country’s currency to record lows against the U.S. dollar. The Central Bank has now slashed rates by 5 percentage points since September, running against conventional economic policy …

Erdogan says he hopes volatile Turkish lira will steady soon
3 years, 1 month ago

Erdogan says he hopes volatile Turkish lira will steady soon

Al Jazeera  

Turkish president promises to continue his policy of low interest rates despite massive plunge in the Turkish currency. Turkish President Recep Tayyip Erdogan has said he hopes that volatile foreign exchange and inflation rates would stabilise shortly as he reiterated his stance against high interest rates in the wake of a huge plunge in the lira currency. “Tayyip Erdogan said …

EXPLAINER: Turkey’s currency is crashing. What’s the impact?
3 years, 1 month ago

EXPLAINER: Turkey’s currency is crashing. What’s the impact?

Associated Press  

ANKARA, Turkey — Turkey’s beleaguered currency has been plunging to all-time lows against the U.S. dollar and the euro in recent months as President Recep Tayyip Erdogan presses ahead with a widely criticized effort to cut interest rates despite surging consumer prices. Turkey’s Central Bank has cut borrowing costs by 4 percentage points since September, in line with Erdogan’s wishes, …

Explained: Why Turkey's lira is crashing and what it has to do with strongman Recep Tayyip Erdogan
3 years, 1 month ago

Explained: Why Turkey's lira is crashing and what it has to do with strongman Recep Tayyip Erdogan

Firstpost  

The lira has lost more than 40 percent of its value against the dollar since the start of the year and the annual inflation rate has reached nearly 20 percent, quadruple the government’s target This week saw Turkey’s lira plunging as low as 14 to the US dollar and hitting fresh lows against the euro. Erdogan has already fired three …

Lira crash slams Turkey’s factories, farmers and retailers
3 years, 1 month ago

Lira crash slams Turkey’s factories, farmers and retailers

Al Jazeera  

The rapid devaluation of Turkey’s lira is rippling throughout the country’s private sector. “They are assuming lowering interest rates would lead to high exchange rates, and the Turkish lira would devalue, depreciate, and then Turkish goods and services will become cheaper in terms of our trade partners’ currency,” he told Al Jazeera, adding that Erdogan is assuming that the subsequent …

Why is Turkey’s lira crashing and will currency crisis worsen?
3 years, 1 month ago

Why is Turkey’s lira crashing and will currency crisis worsen?

Al Jazeera  

The lira lost nearly 30 percent of its value against the United States dollar in November. The lira’s recent troubles were triggered after Turkey’s central bank cut interest rates by a full percentage point on November 18 – the third cut since September – and signalled it would slash rates again in December. Yet the country’s benchmark interest rate currently …

Turkey’s economy grows 7.4% in Q3, but lira crisis risks mount
3 years, 1 month ago

Turkey’s economy grows 7.4% in Q3, but lira crisis risks mount

Al Jazeera  

Turkey’s economy powered ahead of most of its peers in Q3, but soaring inflation and a currency crisis could pose a threat to that recovery. Turkey’s economy zoomed ahead of most peers to expand 7.4% in the third quarter, but soaring inflation and a slump in the lira mean the surge could be short-lived. “With the current acute lira selloff …

Turkey’s central bank, banks discuss rates after lira tumble
3 years, 1 month ago

Turkey’s central bank, banks discuss rates after lira tumble

Al Jazeera  

Central Bank Governor Sahap Kavcioglu said after his meeting with top bankers and the country’s BDDK banking watchdog that the banking sector and all its actors ‘are very much in harmony’. Turkey’s central bank governor said he discussed recent interest rate cuts with bankers at a meeting on Thursday after a slide in the lira to record lows, and he …

Turkish lira plunges after Erdogan defends rate cuts
3 years, 1 month ago

Turkish lira plunges after Erdogan defends rate cuts

Associated Press  

ANKARA, Turkey — The Turkish currency weakened by some 10% against the U.S. dollar Tuesday, a day after President Recep Tayyip Erdogan insisted there would be no turning back from his unconventional policy of cutting interest rates despite high inflation. Erdogan, who had declared himself an “enemy” of high borrowing costs, portrayed his economic policies as “an economic war of …

Turkey’s lira hits record low after Erdogan defends rate cuts
3 years, 1 month ago

Turkey’s lira hits record low after Erdogan defends rate cuts

Al Jazeera  

Overall, the lira has lost nearly 40 per cent of its value against the dollar since the start of the year. The Turkish lira has hit a record low of 12.49 against the US dollar after President Recep Tayyip Erdogan defended recent sharp rate cuts. Erdogan has applied pressure on the central bank to pivot to an aggressive easing cycle …

Turkey again cuts interest rates, currency hits new low
3 years, 1 month ago

Turkey again cuts interest rates, currency hits new low

Associated Press  

ANKARA, Turkey — Turkey’s Central Bank cut interest rates again Thursday, a day after President Recep Tayyip Erdogan spoke out against high borrowing rates and raising increasing concerns about the impact of soaring consumer prices on families and businesses. The rate cuts have increased concerns over the bank’s independence from Erdogan, who, contrary to traditional economic theory, argues that steep …

Turkey’s central bank cuts rates again, lira sinks to record low
3 years, 1 month ago

Turkey’s central bank cuts rates again, lira sinks to record low

Al Jazeera  

Turkey’s central bank slashed interest rates for the third month running, and once again the lira paid the price, sinking to a new record low. The Turkish lira fell to a record low after the central bank cut borrowing costs for a third straight month, a move that risks further undermining price and currency stability. Yet under pressure from President …

Turkish lira continues to slide after interest rate cut
3 years, 2 months ago

Turkish lira continues to slide after interest rate cut

Associated Press  

ANKARA, Turkey — The Turkish lira continued to slide and reached a record low against the U.S. dollar Friday, a day after the Central Bank sharply cut interest rates. The Central Bank’s monetary committee cut the rate Thursday from 18% to 16%, despite rising inflation, surprising analysts and compounding a long run of losses. Economists generally view higher interest rates …

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