Turkey's central bank hikes interest rate to 15% in dramatic U-turn to tackle 40% inflation

Turkey's central bank jacked up the country's key interest rate Thursday, almost doubling it from 8.5% to 15% as the new economic administration of recently re-elected President Recep Tayyip Erdogan embarked on a dramatic monetary policy U-turn. The whopping 650-basis-point rate hike is the first…

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