Turkish lira extends losses to record low as Erdogan signals rate cut

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The Turkish lira fell to a record low against the dollar on Wednesday as President Recep Tayyip Erdogan vowed to push for lower interest rates, a day before a critical central bank rate-setting meeting. “We will remove the issue of interest rates from the back of our people,” Erdogan told his ruling party members in parliament in Ankara. “I will fight against interest rates as long as I am here.” Lira slid to a record low of 10.52 against the US dollar, a 1.4 per-cent-loss since the market opening on Wednesday. The Islamic conservative president defends an unorthodox theory that higher interes…

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