Turkey’s central bank on Thursday hiked its key interest rate, the benchmark one-week repo rate, by another 500 basis points to 40%.
The hike was double economists’ expectations, who had forecast a 250-basis-point hike.
The move was seen as a continuation of the bank’s attempt to combat high inflation and a weak lira, the Turkish currency. Inflation in the country came in at a whopping 61% in October.
This is a breaking news story and will be updated shortly.
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