Turkey shocks with big rate hike to 25% to cool raging inflation

Turkey shocks with big rate hike to 25% to cool raging inflation

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Turkey’s central bank hiked its key interest rate by a surprisingly large 7.5 percentage points to 25% Thursday, signaling a new determination to address rebounding inflation as part of a broader policy U-turn. The move took the rate to its highest level since 2019, and sent the Turkish currency…

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