Central bank ignores Recep Tayyip Erdoğan’s calls for restraint and sees lira recoveryTurkey‘s central bank has raised its key interest rate to 24% in a dramatic tender to control rocketing inflation and prevent a currency crisis.
Ignoring calls for restraint from President Recep Tayyip Erdoğan, the bank raised its main short-term rate from 17.5% following weeks of pressure from international investors. Financial markets have grown increasingly concerned that Turkey is in danger of adding its name to the list of countries seeking a rescue loan from the International Monetary Fund.
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Source: theguardian.com