Posted 1/25/2024, 1:05:00 PM
Turkey's Central Bank Hikes Rates to 45% in Ongoing Battle Against Soaring Inflation
- Turkey's central bank raised its key interest rate to 45% on Thursday, the 8th hike since abandoning past unconventional policies
- The rate hikes aim to combat high inflation that reached 65% in December
- Analysts say the latest 2.5 percentage point hike may not be enough to tame inflation
- Central bank governor Hafize Gaye Erkan has raised rates from 8.5% since taking over in June
- President Erdogan now supports rate hikes after previously pushing for cuts, appointing a new economic team