Türkiye raises key interest rate to 30% – central bank

Türkiye’s central bank hiked on Thursday its key interest rate to 30 percent on Thursday, a 500-basis point jump from 25 percent, in line with the forecasts of most economists surveyed by Bloomberg.

The central bank decision follows a series of rate hikes that have been painful for Turks, as the country aims to turn around several years of skyrocketing inflation and a dramatically weakened currency.

It followed a new surge in inflation that came in partial response to tax increases that Recep Tayyip Erdoğan’s government imposed to help pay for the promises of his May re-election campaign.