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Turkey's Central Bank governor pressured to resign

Turkey's Central Bank lowered interest rates under political pressure, but this action could not satisfy Prime Minister Recep Tayyip Erdogan.
Turkey's central bank governor Erdem Basci addresses the general assembly of the bank in Ankara April 17, 2014. Turkey's current account deficit to gross domestic product (GDP) ratio was expected to be between 5-6 percent at the end of 2014, Basci said on Thursday.   REUTERS/Umit Bektas (TURKEY - Tags: POLITICS BUSINESS HEADSHOT) - RTR3LO4I
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The inflationary trend in Turkey continues. In April, consumer prices went up by 9.38% to reach their highest level of the past two years, while “core inflation” reached 10.05%, the highest figure of the last six years.

The Central Bank Monetary Policy Council met on May 22 in an environment of rising inflation concurrent with government pressure to lower interest rates.

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