Turkey holds rates, signals tightening

The Central Bank of Turkey held rates for the second-straight month on Thursday but indicated that it was more likely to raise, than reduce, borrowing costs in May.

The benchmark overnight borrowing rate remains 15.25%. The overnight lending rate is 19.25%.

The central bank cut rates by 225 points in the six months to March and said last month that monetary policy remained restrictive in spite of the significant loosening. But it also warned in March that "rising global uncertainty and the ad

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