Turkey raises rates to 16.25%

The Central Bank of Turkey added 50 basis points to the cost of borrowing on Monday in its first policy vote since abandoning its 4% inflation target.

The central bank's Monetary Policy Committee raised the benchmark overnight borrowing rate to 16.25% and its overnight lending rate from 19.75% to 20.25%. Supply and demand conditions were, it said, "largely in line with the predictions of the April Inflation Report", which estimated annual inflation for 2008 would be between 4.1% and 6.9%.

The

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