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The lira surged after Turkey’s central bank hiked interest rates more than forecast, driving home governor Naci Agbal’s pledge to tame inflation and defend the currency.

The monetary policy committee lifted the one-week repo rate to 19%, double the 100-basis-points hike predicted in a Bloomberg survey of 24 analysts. That sparked the biggest intraday advance in more than a week for the lira, making it the best performer in emerging markets on Thursday...

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