Turkey in first rate hike for almost 3 years: central bank

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Ankara (AFP)

The Turkish central bank on Thursday announced it was hiking its main interest rate by 50 basis points, in a bid to counter a drastic fall in the value of the lira in recent months.

The monetary policy committee of the bank said the one-week repurchasing rate was being lifted to 8.0 percent from 7.5 percent, the first rate hike by the bank since January 2014.