Turkey’s central bank delivered a large interest rate hike on Thursday by raising its key rate by 6.5 percentage points, boosting it to 15 percent.
The increase is a significant jump from the current 8.5 percent and is the first since March 2021.
The jump comes after Erdogan appointed two internationally respected officials to head the bank and the finance ministry.
The rate hike is an indication that the country is moving away from Erdogan’s unorthodox belief that lowering interest rates fights inflation.
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