Turkiye

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Turkish central bank unleashes big interest rate hike in another sign of an economic shift

The bank’s key interest rate increased by 7.5 percentage points to 25 percent but some experts say it will not enough to ease inflation and end a cost-of-living crisis
Turkiye’s currency gained as much as 6% against the dollar after President Recep Tayyip Erdogan followed up the announcement by expressing confidence in his finance team

By MENEKSE TOKYAY · 24 August 2023