"Turkish Central Bank Raises Interest Rate to 45% Amid Inflation Surge and Foreign Currency Risk"
TL;DR Summary
Turkey's central bank raised its key interest rate to 45% in response to soaring inflation, with the country's currency, the lira, hitting a new record low against the U.S. dollar. This marks the eighth consecutive hike since May 2023 and comes ahead of local elections in March. The lira has lost more than 80% of its value against the dollar over the last five years, and analysts predict this may be the last hike for some time.
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