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According to the Financial Times (FT), Tusiad, the Turkish Industry and Business Association, and Tobb, the Union of Chambers and Commodity Exchanges of Turkey have urged the Turkish President Erdogan to tighten monetary policy, introduce austerity measures and urgently resolve a dispute with the US in a   bid to stabilize the battered the Lira.

Leading Turkish business groups  said that “tighter monetary policy is required in order to stabilize exchange rates”, as were accompanying “austerity measures”.                  

The business organizations called for continued “diplomatic efforts to urgently resolve the problems in the  US-Turkey relationship”.

Meanwhile, Reuters reported that for a second consecutive day Turkey’s central bank was not lending at its benchmark interest rate of 17.5 percent, instead of making funds available at 19.25 percent.