Turkish Central Bank Makes Surprise 50% Rate Hike to Fight Inflation Crisis

Turkish central bank raises key interest rate to 50% to combat soaring inflation that is hurting households
Rate hike is a surprise decision ahead of mayoral elections on March 31
Annual consumer inflation rose to 67% in February, above expectations
President Erdogan previously pushed unorthodox policy of rate cuts, but reversed after re-election and currency crisis
Rate hikes since May 2023 elections have not been enough to quickly fix economic imbalances caused by years of irresponsible policies